Cryptocurrency and NFTs are the modern virtual digital currency with those who read NFL picks using them for wagering. Using digital currencies means you are safe from thieves. However, that does not mean you are entirely safe from fraudsters.
As cryptocurrency and NFTs keep rising, online scams also do. Scammers come up with ways to steal crypto from unsuspecting internet users. They can lure you into sending them your crypto or hack your wallet and steal your funds.
Here are ways you can avoid scammers in cryptocurrency and NFT.
Be on the Lookout for Fake Websites
Most of the time, scammers are interested in obtaining the login details to your wallets. They design fake websites that look similar to legit ones and alter one or two things.
For example, if a legit website is https://www.coinbase.com, they create something like https://coinnbase.com. (Note that this is just an example with no bad intention to any legit website links here.)
If you are not quite observant, you will not notice that the second link is slightly different from the first one. That’s the intention of scammers. You will be directed to log into your wallet when you click the fake link.
You will key in your details, and that’s when the scammers get them. The scammers go to the legit website, access your wallet, and steal from you.
Other times, scammers have websites that look like legit crypto exchanges and trading platforms. You invest your crypto with them, and things go well initially. Once you gain their trust, you will start investing massive amounts, and that’s when they vanish with your crypto.
Before you log into your wallet, you won’t lose anything by taking a few seconds to confirm that you are on the right website.
Avoid Suspicious Links
When browsing the internet, it is common to run into links you can click on. These links will have attractive messages to entice unsuspecting internet users. For example, “Your crypto gift is ready to be collected.” Those looking for a quick way to get crypto will click the link.
When they do, they are directed to another page that prompts them to give their details. That’s what the scammers are interested in.
Once they have your details, they will use them to steal from you in one way or the other. This technique is called phishing. Do not click on links that don’t concern you.
Beware of Fake Apps
Scammers also create mobile apps that are similar to legit ones. Remember, what they need is access to your wallet. Many people will download these fake apps from PlayStore or AppStore to log into their wallets.
Once a scammer obtains your details, they transfer your crypto to their wallets. You can avoid these fake apps by downloading them directly from the company’s official website. They always have links directing you to the official apps.
Don’t Be Greedy
Scammers understand that a group of people is looking for quick ways of earning cryptocurrency. These people are easy prey for scammers. They come up with enticing ways to steal from them.
If you come across a platform that promises a guaranteed return on investment, that should be a red flag about them. In business, anything could happen, and you stand a chance to make a profit or loss.
Another red flag is for platforms that promise huge returns for doing nothing. They tell you to invest your crypto, and they will double or triple it within hours or days without explaining how. For you to earn crypto, some business activity must occur.
It is rare to find something that comes for free, including crypto. You must be ready to put in the work needed to earn.
Beware of Coins That Don’t Exist
Some scammers come up with the idea of creating new crypto. Most times, when new crypto is about to hit the market, there are many giveaways and promotions as a marketing strategy to attract investors. The developers give offers to the first people to buy their crypto.
Scammers set up a similar strategy of introducing a new currency to the market. As many people want to be among the pioneers, they buy into the idea and invest their funds, only to realize it was a scam. It would help if you did more research before investing in new crypto.