Be Vigilant and Wise(Crypto Fraud)

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Please be vigilant so that you will not be a victim of these social media scams

1. Social Media Giveaway Scams

It’s amazing, nowadays, how everyone seems so generous on the likes of Twitter and Facebook. Check the replies to a tweet with high engagement, and you’ll no doubt see that one of your favorite crypto companies or influencers is doing a giveaway. If you send them just 1 BNB/BTC/ETH, they promise to send you back 10x that amount! It seems too good to be true, doesn’t it? Unfortunately, that’s because it is. That’s a pretty good rule of thumb to apply to many of these scams.

2. Pyramid and Ponzi schemes

Pyramid and Ponzi schemes are slightly different, but we’re placing them into the same category because of their similarities. In both cases, the scam relies on a participant bringing new members with the promise of incredible returns.

3. Fake Mobile Apps

It’s easy to overlook the warning signs on fake apps if you’re not careful. Typically, these scams will direct users to download malicious applications – some of which mimic popular ones.

Once the user installs a malicious app, everything might seem to work as intended. However, these apps are specifically designed to steal your cryptocurrencies. In the crypto space, there were many cases where users downloaded malicious apps whose developers masqueraded as a major crypto company.

4. Phishing

Even newcomers to the crypto space will undoubtedly be familiar with the practice of phishing. It typically involves the scammer impersonating a person or company to extract personal data from victims. It can take place across many mediums – telephone, email, fake websites or messaging apps.  Messaging apps scams are particularly common in the cryptocurrency environment.

 

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