Common Cryptocurrency Scams

COMMON CRYPTOCURRENCY SCAMS

RAZI SALIH

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ryptocurrency is popular as a digital money alternative for many around the world. As people become more involved in it, there’s a crucial need to understand the risks involved in cryptocurrency transactions, and specifically the various scams that could lead to loss of investments.

Fake Websites There are a good number of websites that appear original, but in actuality are fake. The key thing to look out for is a small lock icon on the left side of the URL bar and an ‘https’ prefix in the site’s address.

Without these, you should think twice before submitting personal or banking information.

Fake Mobile Apps While the main platforms (Apple App Store and Google Play Store) put a lot of effort into identifying fake apps and removing them, some do fall through the cracks. Android users, in particular, have a higher risk of downloading fake apps that could trick cryptocurrency investors.

If something looks off (incorrect name, strange logo or colouring), it’s best to err on the side of caution.

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Scam Emails It’s vital to look at any email coming from a cryptocurrency company and verify details such as the sender’s address, the branding, the logo and even the content in it. If there any doubts, don’t reply or click on any links.

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