Follow these smart tips to keep yourself protected from crypto frauds
New Delhi: The rapid growth in the value of cryptocurrencies such as Bitcoin, Ethereum and Dogecoin, has attracted many new investors to join the crypto bandwagon. As many are still unaware of the blockchain and the crypto tech, new investors or prospective investors can always become subjects of scams. In the absence of a regulator to govern the functioning of cryptocurrency exchanges, new investors can fall prey to fraudsters and become subjects of scams. Here are some smart tips if followed can keep you protected from fraudsters.
There are many fake mobile apps, which closely resemble legitimate cryptocurrency apps. So, it is always advisable to look for ratings, customer reviews and as well the authenticity of logos to weed out the fake apps from the real ones.
Always double-check the websites and their URLs. Spoofing, which is one of the most common technological attacks, is prevalent even in the world of cryptocurrency. You need to make sure that you are engaging and making transactions only on recognised and approved platforms. Even if you are following a link from a credible source or crypto expert, keep tabs on whether you are being redirected to a site that you did not intend to visit.
If you get an offer that is too good to be true, it is always advisable to check multiple times before you commit your money. If a deal promises you five-ten times the returns with no real explanation in sight, chances are you are buying into a scam. It is advisable to skip such deals.
Fraudsters often trick users by sending phishing e-mails that exactly look like an official communique from a credible cryptocurrency site or exchange. Such emails often give lucrative offers and deals to entrap users.
Always ensure that you double-check the phone number, social media handle or email-id that is being used to contact you — or you are contacting — for availing technological support and troubleshooting.