How To Stay Safe In The Realm Of Bitcoin Trading

Since the rise of modern technology, malware has been a potent weapon in the arsenal of scammers. Interestingly, the technical nature of cryptocurrency is quite complicated, which is not well understood by most individuals. It is one of the most common scams reported on high-profile individuals in the crypto community. It usually comprises of the call of an attacker to the target's network provider and smart usage of social engineering to access their account. By using these steps, they port the phone number of the victim to a SIM card they can control. Note that once the attacker has control over the phone number, they have the ability to reset passwords. 

Malware

This makes malware an even more significant threat. Rather than stealing bank account details, malware related to the crypto sphere can get access to your wallet and drain your account. Moreover, you should also be aware of the fact that crypto-malware can monitor the clipboard and replace your wallet address with the scammer’s address.  

Fake Bitcoin Exchanges

If you are active in the crypto community, keep an eye out for counterfeit bitcoin exchanges. These bitcoin exchanges may seem like a credible one, but they are merely a front to separate you from your hard-earned cash. Interestingly, these exchanges can also allure you with promotional offers which sound too good to be true. On the other hand, other fraudulent bitcoin exchanges exert pressure on users to create an account and deposit funds with the promise of a bonus. But once they have the user's money, they can steal it all together. As per the latest figures, almost 90 percent of cryptocurrency exchanges may be incorrect and fraudulent.   

Pyramid Or Ponzi Schemes

Have you ever wondered what a Ponzi scheme is a kind of fraudulent business model? It relies heavily on the earned money of the members. It usually gives more importance to investment rather than selling any product. This makes the model more unsustainable as it grows with time. Don't be enticed to fall into the trap of the Ponzi scheme if it advises that you will get an incredible high return on investment. Note that pyramid schemes are illegal in the crypto sphere. Moreover, there is no guarantee that the price of Bitcoin will remain the same. Hence, there are high chances of being duped of your cryptocurrencies on how to accept bitcoin payments.   

Well, it sounds pretty intimidating to protect your wallet! But note that there is a myriad of simple things you can do to make yourself less attractive to scams. Always use a password manager along with long-tail passwords. Refrain from talking about crypto gains online. Don’t display any personal information online as scammers can have easy access to them.

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Created on Oct 23rd 2019 11:09. Viewed 306 times.

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