Be wary of blackmail attempts in which strangers threaten you in exchange for bitcoin as a means of extortion. The sender says that a key logger has been installed and that your web cam was used to record you doing something you may not want others to know about. The sender provides two options - send bitcoin to suppress the material, or send nothing and see the content sent to your email contacts and spread across your social networks.
Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people en masse. As bitcoin has become more popular, more people have sought to acquire it. Unfortunately, nefarious people have taken advantage of this and have been known to set up fake bitcoin exchanges. These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they're getting a steal, with quick and easy access to some cheap bitcoin.
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Be sure to use a reputable exchange when buying or selling bitcoin. Due to the viral nature of how information spreads across on the internet, scammers seek to take advantage of people by offering free giveaways of bitcoin or other digital currencies in exchange for sending a small amount to register, or by providing some personal information.
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When you see this on a website or social network, it's best to immediately report the content as fraudulent, so that others don't fall victim. Unfortunately it's very easy for con-artists to create social media accounts and impersonate people. Often times they lie in wait, until the person they're trying to impersonate publishes content.
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The impersonator then replies to it with a follow-up message or call to action - like a free giveaway - using an account that looks almost identical to the original poster or author. This makes it seem like the original person is saying it. Alternatively, impersonators may also try to use these same fake accounts to trick others via private or direct message into taking some kind of action in an attempt to defraud or compromise. Never participate in free giveaways, and if you receive an odd request via someone in your network, it's best to double check to confirm the authenticity via multiple mediums of communication.
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Hackers have become very creative at finding ways to steal from people. When sending bitcoin, always be sure to double or triple check the address you're sending to. Some malware programs, once installed, will change bitcoin addresses when they're pasted from a user's clipboard, so that all of the bitcoin unknowingly gets sent to the hacker's address instead. Since there is little chance of reversing a bitcoin transaction once it's confirmed by the network, noticing this after the fact means it's too late and most likely can't be recovered.
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It's a good idea to be super-cautious about what programs you allow to have administrator access on your devices. An up-to-date, reputable virus scanner can also help but is not foolproof. When buying or selling bitcoin locally, a counterparty may ask you to meet in person to conduct the exchange. If it isn't a trusted party that you already know, this is a very risky proposition that could result in you getting robbed or injured.
Con-artists have also been known to exchange counterfeit fiat currency in exchange for bitcoin. Consider using a peer-to-peer platform to escrow the funds in place of meeting in person. Do not reply to emails or inbound communications from strangers telling you they need help moving some money, whereafter in exchange for your services, you'll get a portion of the funds. Beware of emails purported to be from services you use soliciting you for action, such as resetting your password, or clicking through to provide some sort of interaction with regard to your account.
It can be very difficult to spot the difference in a fake email that's trying to entice you to compromise your account, and a legitimate one sent on behalf of a product or service that you use. Phishing websites often go hand-in-hand with phishing emails. Phishing emails can link to a replica website designed to steal login credentials or prompt one to install malware. Phishing websites may also appear as sponsored results on search engines or in app marketplaces used by mobile devices.
Be wary that you aren't downloading a fake app or clicking a sponsored link to a fake website. Do not participate in offerings where one or more people offer you a guaranteed return in exchange for an upfront deposit. This is known as a ponzi scheme, where-in future depositors' principals are used to pay previous investors. The end result is usually a lot of people losing a lot of money. To avoid this, carefully type the exact URL into your browser.
Double check it, too. Another common way scammers trick cryptocurrency investors is through fake apps available for download through Google Play and the Apple App Store. Although stakeholders can often quickly find these fake apps and get them removed, that doesn't mean the apps aren't impacting many bottom lines. Thousands of people have already downloaded fake cryptocurrency apps, reports Bitcoin News. While this is a greater risk for Android users, every investor should be aware of the possibility.
Are there obvious misspellings in the copy or even the name of the app? Does the branding look inauthentic with strange coloring or an incorrect logo? Take note and reconsider downloading. If you're following celebrities and executives on social media, you can't be sure that you're not following impostor accounts.
The same applies to cryptocurrencies, where malicious, impersonating bots are rampant. Don't trust offers that come from Twitter or Facebook, especially if there seems to be an impossible result. Fake accounts are everywhere. If someone on these platforms asks for even a small amount of your cryptocurrency, it's likely you can never get it back. Just because others are replying to the offer, don't assume they aren't bots, either. You have to be extra careful. Even if it looks exactly like an email you received from a legitimate cryptocurrency company, take care before investing your digital currency.
Is the email the exact same, and are the logo and branding identical? Can you verify that the email address is legitimately connected to the company?
Avoid Scams
The ability to check on this is one reason why it's important to choose a company that has real people working for it. If you have doubts about an email, ask someone who works there. And never click on a link in a message to get to a site. Scammers often announce fake ICOs, or initial coin offerings, as a way to steal substantial funds.
Don't fall for these fake email and website offers. Take your time to look over all the details. Unfortunately, there are many ways that some Internet users exploit unsecure computing systems to mine or steal cryptocurrency. Learn more about staying safe and protecting yourself in this emerging market before you start investing in cryptocurrency.
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