In recent years, the crypto community has grown exponentially. Many people were attracted to the crypto industry to invest in their futures. Those users who are just getting started with crypto can quickly become targets of scammers if they don’t follow the basic security protocols and rules.
How to Spot Fakes & Scammers in the Crypto World?
Scams are widespread in the crypto space. The key to avoiding these scams is to learn to spot them before becoming a victim and losing your assets. Let’s take a look at three of them:
1. Fake crypto giveaways
Online crypto giveaway scams usually involve social media posts where users are invited to send crypto to an address with the promise that they will receive a double or more return. To promote the scam, they use the identities of celebrities and famous companies. You are always promised more money than you deposited by these scammers. Using fake Twitter accounts, scammers flood comments sections with messages to confirm the scam offer.
2. Trading bot scams
Another common cryptocurrency con is phoney trading bot websites. These platforms promise users very high monthly returns. These sites use the money from new users to spend on the scam to pay existing investors. Once the fraudsters have acquired enough money, they shut down the platform and disappear with the funds.
The following are some characteristics of a fake trading bot platform that will help you identify scam:
- Offers for extremely high returns.
- No documentation or additional information on the platform and its processes.
- Multiple spelling mistakes on the website.
3. Phishing emails
Phishing schemes are getting more difficult to spot as cheaters put a lot of effort into creating emails that appear to come from respectable businesses. They encourage people to press on links that allow full access to the information stored on the device.
Before opening any suspicious email, make sure to:
- Be sure to check the outgoing email address.
- Never open a link from an unfamiliar sender.
- Do not share your passwords, seed phrases or any personal information with others.
Private Key vs Seed Phrase: What is the Difference?
A private key is similar to a password; it consists of a string of letters and numbers that you can use to access and control your crypto assets. A recovery phrase (sometimes called a seed phrase) is a set of words generated by a crypto wallet that provides access to your assets on that wallet. As long as you have a recovery phrase, you will still have access to your crypto assets even if you delete or lose your wallet.
The private key and seed phrase gives you access to your crypto wallet and account.
Usually, the private key is the access to one address (one account), while the seed phrase is the access to the entire wallet and can contain multiple addresses.
Important Things to Keep in Mind:
- Never make a digital copy of your personal crypto details
- Always enable 2-factor authentication when possible
- Use a different password for every crypto platform you use
- Do your research and homework
- Use secure networks and avoid public Wi-Fi
- Conduct software updates routinely
- Conduct smaller transactions
- Maintain Multiple Wallets
- Change Your Password Regularly
- Check the domain address and connect your wallet to official sources only.
- Approve smart contracts and connect wallet only if you are sure it is trustworthy.
❗Note:
Many fake websites impersonate Biswap DEX. Fraudsters create fake websites and use logged-in users to steal their crypto from wallets. If you search for «Biswap» on the internet, you may encounter FAKE Biswap websites and advertisements which promote them.
There is only one OFFICIAL Biswap website:
✅ https://biswap.org/
Closing Thoughts
The crypto world is constantly progressing. It is your sole responsibility to protect your digital assets by securing your wallet with necessary safety measures. Use only trustworthy platforms and crypto wallets.
Keep safe, and stay tuned for more things to learn with Biswap!
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