Ways to secure your wallet from common cryptocurrency scams
Scammers are always looking for new ways to steal your money, and the massive growth of cryptocurrency in recent years has created plenty of opportunities for fraudsters.
The CEO of Crypto Security Company, Vlad Goncharov, said no wallet is entirely immune to hacking, pointing to high-profile cases where popular wallets such as MetaMask, MyCrypto, and Ledger were compromised.
Cryptocurrency crime had a record-breaking year in 2021, according to a report by blockchain data firm Chainalysis; fraudsters stole $14 billion of crypto that year.
How to protect yourself from cryptocurrency scams
Protect your wallet: To invest in cryptocurrency, you need a wallet with private keys. If a company or individual asks you to share your keys to participate in an investment opportunity, it’s highly likely to be a scam. Keep your wallet keys private.
Keep an eye on your wallet app: If you’re updating your wallet app and you notice suspicious behavior, terminate the update and uninstall the app.
Only invest in things you understand: If it’s not clear to you how a particular cryptocurrency works, then it’s best to pause and do further research before you decide whether to invest.
Take your time: Scammers often use high-pressure tactics to get you to invest your money quickly. For example, by promising bonuses or discounts if you participate straightaway. Carry out your own research before investing any money.
Beware of social media adverts: Maintain a healthy skepticism when you see crypto opportunities promoted on social media and do your due diligence. Crypto scammers often use social media to promote their fraudulent schemes. They may use unauthorized images of celebrities or high-profile business people to create a sense of legitimacy, or they may promise giveaways or free cash.
Ignore cold calls: If someone contacts you out of the blue to sell you a crypto investment opportunity, it’s probably a scam. Never disclose personal information or transfer money to someone who contacts you in this way.
Do your research: The most popular cryptocurrencies are not scams. But if you haven’t heard of a particular cryptocurrency, research and see if there is a whitepaper you can read; find out who runs it and how it operates. Read reviews and testimonials. Look for an up-to-date and credible fake cryptocurrency list to check for scams.
What to do if you fall victim to a crypto scam?
Falling victim to a cryptocurrency scam can be devastating, and it’s essential to act quickly if you have made a payment or disclosed personal information.
Contact your bank immediately if you have:
- Made a payment using a debit or credit card.
- Made a payment via bank transfer.
- Shared personal details about yourself.
If you need extra assistance in recovering your assets from a crypto scam, fill out the form on our Contact Us, and our team of experts will guide you on how to get back your assets lost.
So, it’s essential to change your usernames and passwords to prevent further damage. If you are the victim of a social media crypto scam, you can report it to the relevant social media platform. lastly send us
