While cryptocurrencies have proven their worth as a convenient payment alternative, there seems to be a dark side to them. Specifically, crypto scams have become more common over the past few years. As such, unsuspecting users are falling victim to them. This guide will discuss what scams exist and what you can do to protect yourself against fraud.
The good news is that with this guide in your hand, you are about to become more aware of these crypto scams. Best of all, you’ll also take the necessary preventative measures to protect yourself. Let’s begin with everything you need to know.
What Are The Common Crypto Scams That Exist?
Crypto scams might be closer than you think when you explore online. You could be on platforms for gaming and receive messages about crypto scams. So much so, that BC Game and similar platforms are ensuring that no fraud ever happens on their platforms ever. This also includes the following crypto scams that exist:
- Phishing scams: This includes a fraudster claiming to be a legitimate individual. They may ask for credentials such as your BC game sign in. Or they may offer a file directing you to download BC.game but is not from a legitimate source like the website. Be aware of these and check out the links. While they may look similar to the legitimate link, it takes a keen eye to spot the differences. BC game India will never ask for your sign in credentials, nor will it ask for any other information outright.
- Ponzi and pyramid schemes: These provide the “too good to be true” promise of high returns on investments that have risks that are little to nothing. This will allow early investors to be paid using the funds from other participants. When the scheme falls apart, this is where the investors are left holding an empty bag.
- Malware attacks: Malware attacks can target wallets that will steal cryptocurrencies. This will be the result of someone downloading a malicious file or utilizing a device that is compromised.
- Pump and dump schemes: This is where fraudsters will inflate the price of a lesser known crypto. They can pump it through false information and sell it (dump) once a price reaches their peak. Other coin holders will be left with an empty bag filled with crypto that is worthless.
Keep in mind that these crypto scams can be found just about anywhere. It is important to know what these types are and how to identify them. Never download files from any untrusted or unfamiliar resources. And remember that no website in particular (including gaming platforms) will ever ask you for your personal, financial, or login information outright. If you feel like you have received a suspicious request claiming to be from something legitimate, contact the platform to confirm if the request was real.
How To Protect Yourself From Crypto Scams
Now that you have an idea of which common crypto scams exist, let’s talk about how you can protect yourself from them. It’s important that you make sure you pay close attention to this section. One slight error can be enough for you to become the next victim. Here are the steps you can take to protect yourself from crypto scams:
- Verify websites and platforms: Ideally, you want to make sure that each website and platform you visit are all legitimate. This way, you’ll feel more comfortable signing up with whatever personal information is required. Check for security indicators like HTTPS, SSL certificates, and other elements.
- Make passwords that are strong and unique: Passwords should be strong and must contain a mix of letters, numbers, and symbols. Try a password that is different from the usual ones you use across different platforms. This will ensure a lesser risk of a breach.
- Use Two-Factor Authentication (2FA) where available: 2FA will be an excellent security feature that will allow you to prevent any unauthorized access from happening. While someone may get the username and password, they won’t be able to get to far because of other elements needed for 2FA such as a code, text confirmation, or others.
- Avoid suspicious links: This cannot be stressed enough. Do not click on any links from unverified sources. In addition, do not download any files from websites that you are not familiar with. If you are downloading the BC Game app, make sure it is from the official site, not anywhere else.
- Beware of unrealistic promises: As we’ve said before, too good to be true is obvious when it comes to scams and unrealistic promises. As such, beware of crypto ICOs and investments that showcase big promises such as high returns with little risk necessary.
Knowing these tips, you will be ready to protect yourself starting now. The sooner you start, the more protection you’ll implement for all of your devices in the future.
Final Thoughts
There are crypto scams lurking around, or just around the corner. Are you prepared to take note of their features and stay out of the same trap? You should avoid opening suspicious links; do not download files from someone you do not know; and stick to trusted sites, among others. Of course, it’s also a very bad idea in general to be lured in by anything too good to be true.
