Top 10 facts you should know how to protect yourself from Internet scammers while investing in Cryptocurrency

As cryptocurrency has become more popular, more people have sought to acquire it. Unfortunately, lots of time nefarious people have taken advantage and try to scam new comers and even experience people to steal the fund. Scammers exist in every system and in internet world its sometime

more easier to fraud and steal as users don’t pay attention while using it. Due to the viral nature of how information spreads across on the internet, scammers seek to take advantage of people by offering free giveaways of bitcoin or other digital currencies in exchange for sending a small amount to register, or by providing some personal information.

The aim of this article is to give a simple overview of some security facts that users should maintain at minimum in order to stay safe and not to get scammed. This is applicable not only while investing in crypto but anytime while interacting through Internet.

1. Fake Websites:

There’s a surprising number of websites that have been set up to resemble original, valid startup companies. If there isn’t 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’re visiting, you may find yourself directed to another platform for payment. For example, you click on a link that looks like a legitimate site, but attackers have created a fake URL with a zero in it instead of a letter ‘o’. That platform, of course, isn’t taking you to the cryptocurrency investment that you’ve already researched.

To avoid this, carefully type the exact URL into your browser. Double check it, too.

2. Scamming through Emails Link

Don't click on a link from a unknown email address unless you are 100% sure about it. Even if it looks exactly like an email you received from a legitimate company, take a careful look in details. Is the email the exact same, and are the logo and branding identical?

3. Fake Social Media Updates

If you’re following celebrities and executives on social media, you can’t be sure that you’re not following impostor accounts. The same applies to cryptocurrencies, where malicious, impersonating bots are rampant. Don’t trust offers that come from Twitter or Facebook, especially if there seems to be an impossible result. Fake accounts are everywhere. If someone on these platforms asks for even a small amount of your cryptocurrency, it’s likely you can never get it back. Just because others are replying to the offer, don’t assume they aren’t bots, either. You have to be extra careful.

4. Free Giveaways

Due to the viral nature of how information spreads across on the internet, scammers seek to take advantage of people by offering free giveaways of bitcoin or other digital currencies in exchange for sending a small amount to register, or by providing some personal information. When you see this on a website or social network, it’s best to immediately report the content as fraudulent, so that others don’t fall victim.

5. Malware

Hackers have become very creative at finding ways to steal from people. When sending bitcoin, always be sure to double or triple check the address you’re sending to. Some malware programs, once installed, will change bitcoin addresses when they’re pasted from a user’s clipboard, so that all of the bitcoin unknowingly gets sent to the hacker’s address instead. Since there is little chance of reversing a bitcoin transaction once it’s confirmed by the network, noticing this after the fact means it’s too late and most likely can’t be recovered. It’s a good idea to be super-cautious about what programs you allow to have administrator access on your devices. An up-to-date, reputable virus scanner can also help but is not foolproof.

6. Fake Mobile Apps

Another common way scammers trick cryptocurrency investors is through fake apps available for download through Google Play and the Apple App Store. Although stakeholders can often quickly find these fake apps and get them removed, that doesn’t mean the apps aren’t impacting many bottom lines.

While this is a greater risk for Android users, every investor should be aware of the possibility. Are there obvious misspellings in the copy or even the name of the app? Does the branding look inauthentic with strange coloring or an incorrect logo? Take note and reconsider downloading.

7. Scam Coins

Be careful when investing in alternative coins (altcoins). There are currently over 6000+ Cryptocurrency and more than 80% will die over time. Do your best due diligence prior investing in it as some coins will die due to poor execution and some are purely scam. Amongst altcoins there may be scam coins, enticing users to invest via private sales, or with presale discounts. Scam coins may feature a flashy website and/or boast a large community to create a fear of missing out effect on people who discover it. This helps early holders pump up the price so that they can dump and exit their positions for a profit. Scam coins without large communities may do airdrops — offering free coins (or tokens) to people in exchange for joining their communities.

8. Fake Exchanges

As cryptocurrency has become more popular, more people have sought to acquire it. Unfortunately, nefarious people have taken advantage of this and have been known to set up fake cryptocurrency exchanges. These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they’re getting a steal, with quick and easy access to some cheap bitcoin. Be sure to use a reputable exchange when buying or selling crypto..

9. Ponzi Schemes

Do not participate in offerings where one or more people offer you a guaranteed return in exchange for an upfront deposit. This is known as a ponzi scheme, where-in future depositors’ principals are used to pay previous investors. The end result is usually a lot of people losing a lot of money.

10. Pump and Dumps

Do not trust people who entice you or others to invest because they claim that they know what the cryptocurrency price is going to be. In a pump and dump scheme, a person (or persons) try to artificially drive up or pump the price so that they can dump their holdings for a profit.