Anonymous: Watch Out For These Cryptocurrency Scams

Anonymous Developers Take Up Fight & Bring Awareness Into Risks Before Buying CryptoCurrency Or Performing Transactions

Although investing in cryptocurrency involves taking risks, it does not necessarily mean that getting scammed is out of the picture. As a matter of fact, a number of internationally recognized reports suggest that scammers often jump in on the buzz around cryptocurrency, luring people into participating in bogus investment opportunities. Recognizing the rise of these troublesome circumstances, the esteemed community of Anonymous BSC is primarily created to source and find scammers who potentially strike trouble in attaining genuine and valid investments.

Armed with a knack for creating a safe space in cryptocurrency investments, this emerging powerhouse has set their mission to singling out and blacklisting scammers, making a variety of online crypto transactions more secure and reliable. On a mission to continue materializing its purpose-driven vision, Anonymous BSC goes the extra mile by countlessly sharing some types of scams in order to raise awareness among the public, educating these individuals on the ropes in investing in cryptocurrency. Here are some consistently used scams across the community.

Scam Type #1 – Initial Coin Offering (ICO) fraud

There are two ways these types of frauds could occur. First, fraudsters create a fake ICO and strategize to take off money from investor’s transactions. Second, on the other hand, fraudsters also “spoof” or impersonate an original ICO and fool investors into performing the transaction. This unfortunate circumstance happened recently with messaging giant Kik’s ICO, which sufficiently demonstrated that such a scam could affect even well-established companies. 

Tip: One way to prevent these types of fraud is to do sufficient research before investing in an ICO. Check and verify the legitimacy of a claimed ICO. More importantly, abstain from falling for hard-sell tactics or too-good-to-be-true offers, especially when such circumstances are received over email or social media messaging.

Scam Type #2 – Phone-Porting

Phone-porting primarily involves cell phone identity theft, where the fraudster takes over an individual’s phone number by tricking the mobile provider into giving them control of the account. Once the phone number is made public to the fraudster, it is pretty easy to reset the password to your digital wallets and drain the account almost instantly. Since some cryptocurrency transactions cannot be reversed – the investor can come to the point of losing almost everything!

Tip: Try to keep a unique PIN as much as possible and provide verification questions to the account to improve security. Additionally, do not forget to use two-factor authentication for all your transactions.

Scam Type #3 – Fake Digital Wallets

Most of us often use virtual wallets. Thus, it is advisable to install using the correct link and avoid downloading or installing wallets that are borne out of online ads. Cryptocurrency has the ability to be stored anywhere, even in digital wallets. So, beware! 

Tip: Before selecting a digital wallet services provider, make sure to check its background, preferably those that have an incredible track record. These enterprises guarantee security and stability.

Scam Type #4 – Malware

A rough estimate sufficiently demonstrates that nearly one-third of PCs and laptops are usually infected by some type of malware. As a matter of fact, there have been recent developments in the malware industry that involve stealing bitcoins. It uses log-in credentials or the wallet itself or gets in the middle of a transaction by spoofing. 

Tip: Always use a proper antivirus solution with an inbound or outbound firewall to protect one’s devices and gadgets. More importantly, use a password manager and two-factor authentication to protect your transaction platforms!

As this market continues to be a largely unregulated and unprotected industry, Anonymous has taken up the initiative to eradicate the online upheavals to provide safe, secure and trustworthy transactions. If you are someone who is interested in the crypto trade and wants to support its initiative, check out its website and donate if you can.