The sending of cryptocurrency to a third party cannot be stopped or reversed since cryptocurrency exchanges are irrevocable. You should always transfer cryptocurrency to organizations you know when sending it to a blockchain address, and you should be sure of the exact authenticity of any linked third-party companies and traders.
Fraudsters imitate numerous businesses in the banking, tech, commerce, telecommunications, and service sectors, such as Coinbase, and put up fraudulent customer care telephone service. These spam contact information are used to attract unwary individuals looking for help online. The fraudsters may even make personal outgoing calls to prospective victims. These fraudsters are adept at using deceptive statements and social engineering to persuade their victim into sharing confidential details that will be exploited fraudulently.
How do I avoid Crypto Fraud?
How can you guard against becoming a victim of bitcoin fraud? What are the security tips to avoid Crypto fraud? How can you prevent unauthorized access to your private crypto data?
Let’s take a look at the tips.
1. Verify the website URL.
Pay attention to the URLs of the cryptocurrency-related sites that you visit. Several phishing fraudsters use the URL of trustworthy websites as a template and change the letters or digits. You should also make sure the website is safe. Therefore, search for the tiny lock icon beside the URL.
Don’t forget to activate your antivirus program. The top antivirus software at Coinbase has evaluated both to prevent harmful URLs and watches out for phishing attacks on your part.
2. Send cryptocurrency to only reputable addresses.
It’s wise to use a block explorer to verify an address before sending a sizable sum of money there. Addresses connected to well-known frauds may be flagged by some explorers.
3. Avoid Google and social media advertising.
Fraudsters attack cryptocurrency fanatics with adverts on social media and sometimes even Google searches.
Bad actors bought Google ad positions for bogus websites that looked like well-known cryptocurrency wallets in 2021 to attract customers, and the fraudsters were successful in stealing over $500k worth of cryptocurrencies.
4. Avoid unsolicited emails.
If someone contacts you out of the blue with a “great” opportunity to make money in cryptocurrencies that just looks too tempting to be true, it likely is.
Fraudsters are becoming more skilled in their efforts to use phishing to get private data. You should always use vigilance when clicking on a link in emails you get as a response.
These phishing emails frequently pose as respectable companies to make them challenging to recognize.
Keep in mind that clicking on strange links in emails will almost certainly lead to fraud, so never divulge your confidential info or username and password to your virtual wallet through them.
5. Use two-factor authentication and restrict who has access to your API credentials.
By demanding an extra bit of personal data in addition to your passwords, two-factor authentication increases the security of your internet persona.
Presently, implementing SMS 2FA is not advised owing to the risk of hacking. Instead, Google Authenticator is advised by crypto professionals.
Even if you aren’t online, the app still functions.
Additionally, it’s a good idea to restrict access to your API keys to certain IP addresses. This limitation is extremely crucial if a third-party app is being used to assist and support your exchanges.
In this manner, even if someone finds your keys, they simply will not be able to log into your account.
6. Turn down fee offers.
You can come across cryptocurrency offers that demand a deposit. All of them should be ignored, but you should stay away from “deals” that need payment in cryptocurrency. Frauds abound among the investment options in the world of cryptocurrencies.
Review the business’s website to learn how they secure their clients before making any investments and search for investor feedback there as well.