Avoiding scammers and most common types of scams


New member
Jul 15, 2022
The following tips may be obvious to most of you, but it never hurts to remember them. Please feel free to add any tips that may be helpful:

1. Do not provide personal data to an entity that contacts you without having requested it, through an email, a text message, social networks, etc. Fraudsters can even impersonate the identity of friends and contacts.
2. If something is too good to be true, it is often dangerous or risky to invest in it.
3. Activate two-factor authentication for any cryptocurrency account.
4. Discard any investment "opportunity" that requires an upfront payment.
5. Never use unofficial applications.
6. Download anti-malware software from a trusted vendor on PC and mobile devices.

It is also important for users to be aware of the most common types of scams and fraud:

1. Ponzi Schemes: This is a type of investment pyramid scheme in which victims are tricked into investing in a non-existent company or "get-rich-quick scheme" that actually does nothing more than line the scammer's pocket. Cryptocurrencies are ideal for this, as scammers are always inventing new "cutting edge" technologies to attract investors and generate higher virtual profits. Falsifying the data is easy when the currency is virtual anyway.
2. Fake celebrity reviews (mainly on Twitter): Scammers impersonate celebrities or create fake accounts to encourage their followers to invest in bogus projects. In 2021, a scam became popular in which Elon Musk was impersonated in a campaign where gift bitcoins were promised. Some $2 million was lost in the hands of the scammers.
3. Phishing: Phishing is one of the most popular ways for scammers to operate. Emails, text messages and social media are spoofed to appear to be from a legitimate and trusted source. Sometimes that "source" - for example, a credit card provider, a bank, or a government official - requests payment for something in cryptocurrency.
4. Pump-and-Dump: scammers encourage investors to buy shares of little-known cryptocurrency companies, based on false information. Subsequently, the stock price rises and the scammer sells their own shares, making a nice profit and leaving the victim with worthless stock. Sometimes scammers even manage to trick journalists into publishing false information about the companies involved in the scam.
5. Fake trading platforms: Scammers send emails or post messages on social networks promising access to virtual money stored in cryptocurrency exchanges. The only drawback is that the user usually has to pay a small fee first. The exchange does not exist and your money is lost forever.
6. Rug pull: The rug-pulling scam is a sophisticated type of scam where developers build a seemingly legitimate cryptocurrency-related project and then abscond with investors' money. For example, launching a working app and marketing on social media, before issuing a token and listing on a decentralized exchange.
7. Fake apps: Cybercriminals fake legitimate 'crypto' apps and upload them to app stores. Installing them opens the door to theft of personal and financial data or implanting malware on devices. Others may trick users into paying for non-existent services or try to steal logins from their cryptocurrency wallet.

Would like to hear if any of you guys had any trouble with any of these scams or any other. Or even if you know of any active scam, post it here or in a new thread to be aware of it!