For the past two decades, the internet has been providing people the opportunity to do more than just communicate with each other across the globe and entertain each other. Most importantly, the internet has served as a beacon for those who have been hit hard by the current COVID-19 situation as they have lost their jobs and businesses and have provided them the opportunity to work-from-home, run online businesses as well as trades.
A NEW ASSET IN THE ONLINE TRADING MARKET
In the online sector, people have been profiting the most through online trades in the form of stocks, indices, commodities, or forex that were introduced when the internet came into being. However, the most recent and unique type of trade was introduced to the online community in 2009 in the form of Bitcoin, which is a crypto-currency.
From the point of its launch till now, the popularity of bitcoin has been trending in the upward direction and has proven to be extremely volatile in nature. Due to bitcoin’s volatility and growth, it has been the main reason why people are constantly coming towards crypto-currency trade with hopes to invest and make quick and huge profits.
HOW BITCOIN GOT HIJACKED BY FRAUDSTERS
As more and more people set their eyes towards the crypto-currency trading and made it their source of income, it soon caught the attention of the fraudsters who came in big numbers with new ways of swindling people and run away with their precious bitcoins that people acquired by spending money.
While there are several ways that these online criminals and fake brokers have devised, few of these have been listed below:
FAKE BITCOIN EXCHANGES
As the name suggests, bitcoin exchanges are the main sources where people can buy, selling or exchange bitcoins from. Since 2009, many authentic and legit bitcoin exchanges have been created by several companies that people are using on a regular basis for bitcoin trading. However, with time, cybercriminals have become advanced and have developed their own bitcoin exchanges only to trap people and take their money. One of the most prominent examples of one such fake exchange is BitKRX from South Korea that claimed to be the biggest bitcoin exchange and stole people’s money.
How to get your money back from a scam crypto exchange – click here
PHISHING
This is one of the most common types of scams that cybercriminals love to do with people. In this scam, cybercriminals send emails to people that seem to be from their bank or the bitcoin exchange where they own accounts.
In most of the incidents, these emails tend to notify people of a login attempt into their account and ask them to access the link to log into the accounts to change the password or update the authentication process for their account. The sites people get directed to after clicking the link are identical to their bank account portal or the bitcoin exchange and people end up sharing their credentials. The fraudsters then use these details to log in to people’s original accounts and steal their money or bitcoins.
OLDSCHOOL SCAMS
Even though most of the scammers seem to be getting crafty with ways of getting people’s bitcoins, there are still a few scammers who prefer sticking to the old ways of scamming people and taking away their bitcoins.
One such example is when the fraudsters approach customers via email or phone call, claiming to be IRS representatives and tell people that they owe tax money to IRS. These fictional IRS representatives threat people that if they do not pay up the tax money, they will be incarcerated until they pay them through bitcoin.
MALWARE SCAMS
This is another common scam that involves leading the people to click links provided in these emails and download malware into people’s operating systems. This malware is then used to capture username/passwords of bank account or bitcoin exchange accounts, allowing fraudsters to steal money or bitcoins from people’s accounts.
Even though people end up clicking the provided links in the email, they still have a chance stopping their information from being stolen if they have antimalware software installed in their operating systems but if they are unaware of this then it is almost impossible to stop hackers from breaking into their system and stealing away their financial details.
IS IT POSSIBLE TO RECOVER SCAMMED BITCOIN?
Before we get to the bitcoin recovery part, it would be wise to make ourselves familiar that bitcoin exists as a decentralized entity, meaning that there is neither a mediator nor a regulating body that holds the transaction information against bitcoin. Therefore, it is almost impossible to trace the people who run away with your bitcoin. However, the chances of one getting their bitcoin may increase if the person who was scammed, knows the identity of the fraudster and can be taken to the court for further legal actions.
Furthermore, the person has to prove to the judges that he/she was scammed by the person and if the person is found guilty, then one would eventually get their bitcoin back. If you want to save your time and money, then you have another option of letting money-back help you in recovering your lost bitcoin. Money-Back.com consists of a team who are well-experienced lawyers and psychologists with years of experience in problem handling/solving. At money-back, you can consult your issue free-of-charge and can acquire their services on really low and negotiable prices.
WHAT SHOULD BE THE NEXT STEP IF YOU HAVE BEEN SCAMMED
Many people tend to go quiet and take no action if they end up losing their bitcoin to such swindles. This is exactly what the fraudsters want from you and this kind of behavior encourages these scammers to target more people and lure them into sharing their account details, only to steal their precious bitcoin.
Therefore, the right thing here is to make sure that others who are new to bitcoin or are less informed around crypto-currency are warned. Otherwise, they would end up losing their money as well. Additionally, people can report such scammers to the Federal Trade Commission who can help share your feedback with the rest of the online community and also, take actions against the fake exchanges as well as fraudsters.
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