Despite this might not be a perfect time for this. As we all agree that the crypto market is bleeding at this moment. However, you will agree with me that even in this bleeding period profit is being made by very good traders. Consequently, security matters for the profit made and the remaining of our crypto.
3 Most Common Scams
Scammers generate new ways of scamming victims on daily basis. Their method of making the innocent and vulnerable investors sad is limitless.
Below is a list of the three most common scams you should be watchful of:
(1) Impersonation
• Someone claiming to be a your crypto exchange support/customer service agent may contact you via e-mail, phone number, or social media platform and ask for your recovery phrase, private key, or login information( password of registered e-mail)
• most crypto companies will not call you for any reason whatsoever. The only exception is if you contact them maybe you forgot login details.
• Whenever you doubt kindly go to your exchange website and open a Support Center Ticket .
(2) Phishing E-mails or Websites
• An email asks you to go to a website link and reset your password or provide your private key or login details. These sites often look very similar to the sites they impersonate and can have a similar URL e.g using .io, us, Co instead .com of the original site.
• These scams often result in a malicious third party recording your login details and stealing your funds through that link.
• Always know your crypto exchange website by heart and double-check the URL of websites you visit.
(3) Fake Investment Proposals/ Ponzi
• This type of scam may ask you to “pay a fee” or “pay a tax” or "get your deposit doubled in few hours in order to release a bigger amount of funds to you.
• Scammers normally impersonate official authorities such as the SEC or other popular financial institutions.
• Fraudsters can go to the extent forging official-looking documents or fake ID cards.
Finally: never perform money transfers on behalf of another individual, either for them or by giving them your login details or recovery phrase, private key.
Be very vigilant with what you have and be security conscious always. I wish you the best.
Thank you for your time and be safe