Crypto scams are one of the biggest financial frauds of 2021. The popularity of crypto and its rising valuation has made it a prime target for crooks. From India’s nodal cybersecurity agency Cert-In to the US FBI, security agencies around the world have warned of crypto scams. IT security companies like Trend Micro, Check Point, and others have not only warned about crypto scams, but have also shared tips on how to avoid them. Here are some simple tips to make sure you don’t become a victim in your Crypto investing or Crypto trading.
Check the wallet address
When copying and pasting a crypto wallet address, always verify that the original and pasted addresses match.
Before spending large amounts on crypto, first send a probe “test” transaction with a small amount.
Ignore these ads
If you are looking for crypto wallets or trading and exchange platforms in the crypto space, always look at the first website of your search and not in the ad. These can mislead you as security agencies have found crooks using Google Ads to steal crypto wallets.
Check these urls
Always check URLs. Make sure there are no spelling mistakes or spelling changes.
Carefully read the reviews of the app you want to trade on
Fake apps will get lots of 5 star reviews once they get published, but don’t be fooled by them as they can be bogus and paid for. Pay more attention to 1 star reviews.
Try entering an invalid or wrong cryptocurrency wallet address
Security firm Trend Micro has a tip: After careful analysis, we found that most malicious samples only treat wallet addresses as non-empty values. Therefore, if a user encodes an invalid wallet address and the application accepts it and is able to perform tracking operations, there is a high probability that the application is fraudulent.
Restart the app or phone while the mining process is activated
Most mining actions for bogus applications are simulated with local counters. This means that if a device is restarted after mining has started and the mining app is killed in the background, the system forcibly clears the counter, resetting it to zero.
Find out if there is a withdrawal fee
There are processing fees associated with transferring cryptocurrency, which are relatively high compared to what is typically achieved from cloud mining. Therefore, free withdrawals can be quite suspicious.
Make sure your PC / Laptop operating system is updated
It is important to keep your PC / Laptop operating system up to date. Do not download software from unverified sources on the devices you use for Crypto trading.