If you missed Part One of this post click the link below
The wonderful world of scams- Part 1
- Fake Applications for Smartphone
When you're not vigilant, it's easy to ignore warning signs in fake apps. Usually, these scams direct users, some of which resemble common ones, to download malicious apps.
After a malicious app is installed by the user, everything seems to function as intended. These apps, however, are clearly intended to steal your cryptocurrencies. In Cryptography There were several instances in which users downloaded malicious apps whose creators were one of the big crypto businesses.
In such a case, you are simply sending funds to an account held by the scammer when the user is provided with an account to finance the wallet or collect payments. Of course, there is no undo button once the funds are moved.
Their position in the rankings is another thing that makes these scams especially successful. Some can appear prominently in the Apple Store or Google Play Store, despite being malicious apps, giving them an air of legitimacy. You can only download it from the official website or from a link provided by a trusted source to avoid falling in love with them. When using the Apple Store or Google Play Store, you can also want to check the publisher's credentials.
- Phishing, Phishing
The practice of phishing will no doubt be familiar even to newcomers to the crypto room. In order to collect personal data from victims, it typically requires the scammer posing as an individual or corporation. In many media: mobile, email, bogus websites, or messaging applications, it may take place. Messaging app scams are especially popular in the cryptocurrency setting.
When attempting to collect personal information, there is no single playbook that scammers adhere to. You can receive emails notifying you that your Exchange account has something wrong, which allows you to follow a connexion to fix the issue. That connexion will redirect you to a fake website that will ask you to log in, similar to the original. The intruder is going to steal your credentials and probably your cryptocurrencies in this way.
The scammer lurking in official crypto wallet groups or exchanges sees a common telegram scam. The scammer would connect with the user personally, impersonating customer service, or team members when a user reports an issue in this community. They will encourage the user to share their personal information and seed words (keywords) from there.
If your keywords are discovered by others, they will have access to your funds. They should not be revealed to anyone under any conditions, not even legal businesses. Troubleshooting wallets does not require knowledge of the seed, so it is fair to say that a scammer is anyone who requests it.
Binance would never ask for your password for swap accounts, either. For most other programs, the same is valid. If you receive an unsolicited communication, the wisest course of action is not to compromise, but to contact the business via the contact information provided on its official site.
- Interests Acquired
In the crypto space, the acronym DYOR-Do Your Own Research-is often repeated and with very good reason.
When it comes to trading, you can never take the word of someone on which cryptocurrencies or tokens to purchase for granted. It is never understood their real motives. They may be paid to endorse a specific ICO or have their own major investment. This goes from random strangers to prominent individuals and celebrities of fame. No project is assured that it will succeed. Some would, in reality, fail.
You must consider a combination of factors in order to critically assess a project. Everyone has its own approach to the study of possible investments. To get you started, here are some general questions:
How were the coins/tokens distributed?
Is much of the supply concentrated in a few individuals' hands?
What is this particular project's unique selling point?
What other programs do the same thing and why is this one superior?
Who works on the project? Is there a strong track record for the team?
What is it like for the community? What is being developed?
Will the world need this coin/token
Conclusion
There is no lack of methods for malicious actors to divert funds from unwitting users of cryptocurrencies. You must remain continually alert and conscious of the schemes used by these parties to prevent the most common scams. Always verify if you are using official websites/applications and remember: it is probably a scam if an investment looks too good to be true.
