Get Ahead Of The Scammers 2022

A Quick Crypto Catch Up

The danger of being a victim of fraud is exceptionally high in this lawless and unregulated crypto universe, where fraudsters usually have the upper hand. However, this is why users must make use of regulated platforms to buy, store, and trade cryptocurreny. According to ESET, the same principles to fraud prevention also apply here, an industry leader in proactive threat detection. Everything you read on the internet should be appropriately studied and confirmed, and by avoiding hype, you may significantly improve your security chances.

Between October 2020 and May 2021, the US alone lost more than $80 million to cryptocurrency-related frauds. Many argue that this is because the crypto market currently has little to no limitations on investors, unlike the highly regulated conventional stock market.

The Most Common Scams To Be Aware Of In 2022

It starts with a fraud that has been around for a long time, the Ponzi scheme! This is a form of financial fraud in which victims are fooled into investing in a non-existent project or “get-rich-quick-scheme” that, in reality, achieves nothing more than filling the pockets of the scammers and their associates. A cryptocurrency is an excellent tool for this since fraudsters are constantly developing “cutting edge” technologies that are not fully detailed to entice investors and produce more significant virtual returns than are possible. Falsifying data is simple when the money is virtual, as it is in this case. It is frequently simple to identify a Ponzi scam, and by merely understanding that if an offering seems too good to be true, it probably is.

Pay more attention to the pump and dumping. Scammers use fake information to get investors to invest in Bitcoin assets in unknown cryptocurrency projects, causing them to lose their money. The value of the assets increases as a result, and the fraudster sells his shares, pocketing a tidy profit while leaving the victim with worthless shares in comparison. Stick with regulated organizations such as Altalix that do not host any assets that are not already well-established in the sector, and only trade your cryptocurrency with companies that have received a high rating on Trust Pilot. This is what an ideal Trust Pilot rating would look like.

Sticking with the notion of trustworthy gateways like Altalix, you need to stick with established companies. 

How To Stay Safe This Year

While it may be challenging to disregard advice from billionaires and internet stars, you should always do your research before buying or trading cryptocurrency. Take nothing you read online at face value. If an investment seems to be too good to be true, it almost certainly is. Extreme care should be used with anybody who approaches you directly to request payment in Bitcoin or offers you an investment opportunity using cryptocurrency.

If you are a cryptocurrency owner, you should never reveal your private key or seed phrase to anybody. It is also advisable to keep your private key and seed phrase in an offline location. Multi-factor authentication is an excellent way to keep the bad guys out of your crypto wallet. 

Keep an eye on the URLs of the crypto-related websites you visit. Numerous phishing fraudsters duplicate real websites’ URLs and substitute letters or digits. Phishing is one of the most prevalent deception techniques employed by fraudsters. Emails, SMS messages, and social media communications are spoofing to look to come from a good and trustworthy source. Occasionally, that “source”—for example, a credit card company, bank, or government official—requests payment in cryptocurrency for anything. It will constantly attempt to portray a feeling of urgency to the user, prompting them to act fast and without hesitation.

Additionally, you want to confirm that the site is safe; look for the little lock icon next to the URL. Keep in mind to activate your antivirus software. The best antivirus software we’ve tested protects you against phishing schemes and blocks bad URLs.