How to Avoid Cryptocurrency Scams in 2023: A Brief Guide

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Cryptocurrency scams have been a recurring topic in the crypto community and have been the source of much agony and loss of confidence. These scams can take different forms, making it easy for many unsuspecting people to fall victim.

Two Types of Scams

Broadly speaking, there are two primary categories of scams:

Attempts to gain illicit access to a target’s digital wallet or authentication details Some of these details include security codes, private keys, identity details, and many others. This class of scams even involves the targeting of physical hardware.

The second category involves victims losing funds to scammers due to impersonation, fraudulent investments or business promises, and many other unfortunate acts.

Tips to Avoiding Falling Victim to Cryptocurrency Scams

Just as there are numerous ways to get scammed, there are numerous ways to avoid falling victim. One general rule is that if you feel you’re the target of a scam, do not click on any links, dial a phone number, or follow any of the directions suggested by the scammers. Other ways to avoid becoming a victim are as follows:

  • Never give out your private keys or wallet password.
  • As mentioned, never click on a suspicious link, especially the ones sent to you via social media or email.
  • Double-check the URL of a website before inserting your wallet address.
  • As much as possible, avoid using other people’s mobile devices or computers to access your wallets.
  • Change your messaging app settings, such as those in Telegram or WhatsApp, so files, images, gifs, or audio are not downloaded automatically. This could be a ruse to install spyware on your device.
  • Try to use a different wallet from your main address to participate in airdrops.
  • If you discover tokens in your wallet that you never purchased, do not try to sell them. Doing so will likely trigger an access system embedded by a scammer, giving them access to your wallet.
  • If possible, get access to a cold (offline) wallet to better protect you from scammers on the internet.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.