How to Spot Common Social Media Crypto Scams: 6 Things to Look For

Last Updated on May 26, 2022

Because of the popularity of cryptocurrencies, social media fraud is becoming more widespread. Every time a new technology or trend obtains significant notice and interest among customers, scammers and con artists wanting to earn a fast profit appear. Recently, there has been a surge in interest in cryptocurrencies and the blockchain technology supporting them. The recent rise in the value of major cryptocurrencies has prompted social media fraud due to many people’s sudden popularity and desire to benefit from it.

The number of individuals looking at automated trading systems for bitcoin has substantially expanded in a short amount of time. The use of encryption to secure financial transactions is at the core of the cryptocurrency concept. Instead, it is managed by a public ledger called a blockchain, which records all user transactions and is not centralized under any one authority.

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The Following Are The 6 Things to Know About Common Social Media Crypto Scams:

Social Media Accounts Impersonating Celebrities or Companies

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These accounts will often use the same name as a well-known celebrity or business, but they will not be confirmed. They’ll attempt to get you to join them by offering free bitcoin, but they’ll steal your money. Before following an account with an unknown name on any social media network, look at their profile.

Fake Giveaways

These are scams posing as competitions that offer participants the chance to win significant money or cryptocurrency for an upfront payment or deposit. However, you will never hear from the fraudster when you have paid the fraudster again.

Phishing Scams

These con artists will attempt to convince you that they are an official account to pay them Ether or other cryptocurrencies. If they are successful, they will steal your money. They could even give you unnatural links that appear legit websites but take you to phishing websites meant to steal your cryptocurrency. Take precautions.

Scams Targeting Minors

It might be a scam if you see a post from a friend or family member asking for money. Scammers may often appear to be someone you know to get your address, bank account number, and other personal information. If the victim is a minor, the con artist may reveal their parents’ information instead.

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Fake Apps/Bots That Steal Your Data and Crypto

Scammers use fake applications and bots to steal personal information and cryptocurrency. These harmful apps are most often seen on social media sites like Facebook Messenger and Telegram. Scammers will then utilize this information to steal money from the victim’s accounts using phishing or credit card skimming operations, among other means.

Spoofed Websites

Be aware of any social media account that claims it is associated with a firm that deals in cryptocurrencies or blockchain technology since these accounts may be accurate. Make sure you’re on the right page before you start paying money since the website URL could be slightly different from the original site of the firm.

The Conclusion

It is essential to keep one’s composure and not get carried away by the enthusiasm around cryptocurrencies being a viable alternative form of money. Even though this prospect is quite exciting, it is essential to exercise caution. Scams involving cryptocurrencies are expected to persist on social media for the foreseeable future, and you can never take enough precautions. Remember that transferring your cryptocurrency to an unknown address or oversharing your personal information is like playing with fire; it is exciting, but it is still risky.

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