Fraud Rising in Cryptocurrency Trade

Fraud Rising in Cryptocurrency Trade

As the hype of the cryptocurrency, now almost everyone wants to invest in cryptocurrency and it continues to a major source of investment among people. But this leads to a rise of cryptocurrency scams. Scammers or fraudsters use various tricks.

By recently data from the FTC shows since October 2020 consumers have reported they lose $80 million to cryptocurrency scams. This represents an increase of more than tenfold year on year. 

In such one case, a 77-year-old lady lost more than $12,000 after being lure into a bitcoin scam, Chicago Tribune reported. The Incident take place when an Indiana- based woman received an E-mail alert last month claiming her warn of fraudulent activity on her PayPal account. 

She was advised to buy $3,500 in bitcoin on the cryptocurrency trading platform, Coinbase, and later instructed to share her bank information outlet reported. This led to six withdrawals totaling $8,800 and the scammer eventually stealing over $12,000. 

These types of scams occurred many times and many people became victims of these scams. 

Some of the Tricks that Scammers Uses Frequently Listed Below: 

Imposter Website

You may be following a solid tip from someone with a lot of expertise but still become a victim by accidentally visiting a fake website. There's a surprising number of websites that have been set up to resemble original, valid start-up companies. If there is not a small lock icon indicating security near the URL bar and no "HTTPS" in the site address think twice. Even if the site looks identical to the one you think you are visiting, you may find yourself directed to another platform for payment.

Fake Mobile Apps

Another common way scammers trick cryptocurrency investors is through fak apps available for download through Google Play and the Apple Store. Although stakeholders can often quickly find these fake apps and get them removed, that does not mean the apps and get them removed, that does not mean the apps are not impacting many bottom lines. Thousands of people have already downloaded fake cryptocurrency apps, reports Bitcoin News. While this is a greater risk for Android users, every investor should aware of the possibility.

Bad Tweets and Other Social Media Updates

If you are following celebrities executives on social media, you can not be sure that you are not following imposter accounts. The same applies to cryptocurrencies, where malicious, impersonating bots are rampant. Do not trust offers that come from Twitter or Facebook, especially if there is there seems to be an impossible result. Fake accounts everywhere. 

Scamming Email

Even if it looks exactly like an email you received from a legitimate cryptocurrency company, take care before investing in your digital currency. The ability to check on this is one reason why it's important to choose a company that has real people working for it. If you have doubts about email, ask someone who works there. And never click on a link in a message to get to a site. Scammers often announce fake ICOs or initial coin offerings, as a way to steal substantial funds.

Unfortunately, there are many ways that some internet users exploit unsecured computing systems to mine or steal cryptocurrency. 

Beware of these types of scams and do not share your bank detail with any Email or website. Also, please check new apps that made for the trading of bitcoin before sign up for trade.

Also Read: Cryptocurrency News Market Value

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