Cryptocurrency Scams l How to Avoid – Here You Know

Scammers are always watching for ways to steal money from you using cryptocurrencies. Here are some things to know to dodge a cryptocurrency scams.

• Only scammers demand cryptocurrency payments. No legitimate business will require you to send crypto in advance to buy something or protect your money.  So that is always a scam.Only scammers will guarantee you profits or high returns. Do not trust people who promise you that you can make money quickly and easily on the cryptocurrency market.
• Never mix online dating with investment advice. If you meet a person on a dating site or app and then want to teach them how to invest in crypto or ask them to send you crypto, it’s a scam.

Spot Cryptocurrency Scams

Scammers used the same tried and tested tactics, only now they demand cryptocurrency payments. Investment scams are one of the main ways scammers trick you into buying cryptocurrency and sending it to scammers. But scammers are also posing as business representatives, government agencies, romantic relationships, and other tactics.

investment scams

Investment scams often promise you can “make big money” with “zero risk,” These scams usually start on social media, dating sites, or apps.  But, of course, these scams also begin with a text, email, or call. And in investment scams, cryptocurrency plays a central role in two ways: it can be both for investment and payment.

Here are some of the communal investment scams and how to spot them.

• A so-called “investment manager” unexpectedly contacts you.  It promises to multiply your money, but only if you buy a cryptocurrency and transfer it to your online account. The investment website you are directed to looks natural but fake, just like its promises.  Furthermore, if you log in to your investment account. You will not be able to withdraw your money at all, or you will only be able to do so if you pay high fees.

• A scammer poses as a celebrity who can multiply the cryptocurrencies you send him. But there is no famous person who is communicating with you through social media. He is a scammer. And if you click on a startling link sent to you or send cryptocurrency to a supposed celebrity’s QR code, that money goes straight into a scammer’s pocket and disappears.
• A virtual “lover” wants you to send him money or cryptocurrency to help him invest. It is a scam. As soon as somebody you meet on a dating site or app asks you for money or offers investment advice, know they’re a scammer. The advice and the offer to help you invest in cryptocurrencies are nothing but scams. If you send him cryptocurrency or any other form of money, it will be gone, and you usually won’t get it back.

Here are what Scammers Do’s – Cryptocurrency Scams

• Scammers guarantee you’ll make money or promise you’ll get high guaranteed returns. No one can give you those guarantees. And much less in a short period. And when it comes to investing in cryptocurrencies, there is no “low risk.”  So if a company or person promises you a profit, it’s a scam. Even if they are endorsed by famous people or testimonials from happy investors, that is something that can be easily faked.

• Scammers promise free money. They will promise free cash or cryptocurrencies, but free money promises are always false.
• Scammers are kind of big claims without details or explanations. Whatever the investment, find out how it works and ask where your money will go. Honest investment managers or advisors will be willing to share that information and back it up with details.

Before investing in cryptocurrencies, do an online search by entering the name of the company or person and the name of the cryptocurrency and add words like “review,” “scam,” or “complaint”; if you search in Spanish, replace those words with “comment,” “fraud” or “complaint.”  Then, read other people’s opinions.

Impersonators of Businesses, Government Agencies and Job Seekers

In a scam perpetrated by people posing as representatives of business, government agencies, or job seekers, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency.

• Scammers pose as reputable companies. This comes in waves, depending on the timing, and scammers could say they work for Amazon, Microsoft, FedEx, your bank, or something else. This scammer will send you a text or email, contact you by phone or social media.
• Scammers represent new or established businesses offering fraudulent crypto coins and tokens. They will say that the company is entering the crypto world and they are issuing their virtual currency or token. To back up this argument and trick people into buying that coin, they could run social media ads, newspaper articles, or set up a fancy website.

To avoid Cryptocurrency Scams, copycats from businesses, government agencies, and job seekers, you need to know the following:

• No legitimate business or government agency will ever send you an email, text, or social media message asking you for money. And they will never require you to buy crypto or pay with a virtual currency.
• Never click on a link in an unexpected text message, email, or received through social media messages, even if it appears to be from a company you know.
• Don’t pay someone who unexpectedly contacts you and demands payment in cryptocurrency.
• Never repay a fee to get a job. If someone asks you to pay truthful to get a job or tells you to buy cryptocurrency as part of a job, it’s a scam.