How to Identify Cryptocurrency Scams

With the recent growth of cryptocurrencies, there is a rise in the cases of crypto-related scams where they target unaware investors. Therefore, these are some of the common narratives these conmen use.

1. Scammers promise you will make money or receive large rewards with assured returns. Nobody can provide those assurances. Much less in such a short period. And Bitcoin investments are far from "zero risk." So, if someone or a corporation says you'll make insane returns, they are cons. Many of the celebrity endorsements and investor testimonies are imitations.
2. Unexpectedly, a so-called "investment manager" calls you. They claim to increase the value of your money if you buy cryptocurrencies and deposit it into their online account. The investing website they direct you to appears to be legitimate, but it is not, and neither are their claims. You won't be able to withdraw your money until you pay exorbitant fees if you go into your "investment account."
3. Scammers make bold statements with no supporting evidence or justifications. Please find out how the investment works and ask questions about where your money is going, no matter what it is. Honest investment managers or advisers want to share such knowledge and will provide facts to back it up.
4. An artist poses as a celebrity and claims to be able to multiply whatever Bitcoin you transfer them. However, it's important to note that stars do not approach people via social media. These are con artists, and if you click on an unexpected link they provide you or transfer Bitcoin to a fake celebrity's QR code, your money will go directly to a fraudster and disappear.
5. An online "love interest" requests that you give money or Bitcoin to assist them in investing. That is a ruse. If someone you meet on a dating site or app approaches you for money or gives you investing advice, there's a high likelihood they're scammers. If you send them cryptocurrency or cash, it will vanish, and you will almost certainly not receive it back. Scammers claim to have free money. They'll give you free money in cash or cryptocurrencies, but such claims are always false.
6. Scammers pretend to be from the government, police enforcement, or utility providers. They may claim a legal issue, that you owe money, or that your accounts or entitlements have been suspended while an inquiry is underway. They advise you to either address the problem or buy cryptocurrencies to secure your money. They may instruct you to transmit it to a wallet address they provide for "safekeeping." Some con artists will even stay on the phone with you while directing you to a cryptocurrency ATM and instructing you on how to deposit money and convert it to cryptocurrency. They'll tell you to transmit the cryptocurrency by scanning a QR code they'll provide you, which will deposit the funds into their digital wallet – and then it'll be gone.
7. Scammers pose as well-known businesses. Scammers may claim to be from Alibaba, Apple, Emirates, banks, or other companies. They'll text, phone, email, or message you on social media, and they could even set up a pop-up warning on your computer. They may claim that your account has been compromised or that your funds are in jeopardy and that the only way to resolve the situation is to purchase cryptocurrency and transfer it to them. That, however, is a lie. You'll be linked to a fraudster if you click the link in any message, answer the phone, or contact the number on the pop-up.
8. On employment portals, con artists post fake jobs. They may also send fake employment offers relating to cryptocurrencies, such as positions assisting with investor recruitment, selling or mining Bitcoin, or assisting in converting cash to cryptocurrency. However, you can only begin these so-called "jobs" if you pay a fee in cryptocurrency. These con artists offer you a cheque to deposit into your bank account as your first assignment in your "job." (You'll later discover the cheque is forged.) They'll advise you to take some of that money and buy Bitcoin for a fictitious "customer" and transfer it to a crypto account they provide. However, if you do, the money will be gone, and you will be responsible for repaying your bank.
9. Scammers pose as new or existing firms and provide counterfeit cryptocurrency coins or tokens. They'll claim that the business is joining the crypto realm by creating its currency or token. To back it all up and deceive consumers into buying, they could develop social media adverts, news stories, or sleek websites. However, these cryptocurrencies and tokens are a hoax that steals money from anyone who purchases them. Look up whether a corporation has released a currency or token on the internet. If that is accurate, it will be widely publicized in the mainstream media.