As the world of cryptocurrency continues to captivate more enthusiasts, the rise of scams presents a formidable challenge, even more than regulatory scrutiny. While these perpetrators can emerge from any corner of the globe, the landscape in developing nations presents particularly daunting obstacles. Such pervasive scams cast a shadow over the entire crypto community, making it challenging to advocate for its adoption.
Despite having a background in computer science, equipped with a basic grasp of cyber security, I found myself ensnared by scams and narrowly evaded potential pitfalls multiple times. Here, I'll recount a couple of encounters I had with crypto fraudsters. One occurred on Binance, while the other took place on a different exchange.
On Binance, a contact on social net lured me with promises of substantial rewards, coaxing me to log in and provide screenshots. Innocently complying, I soon realized the trick when instructed to delete a crucial security passkey. Confronting the scammer, I learned of their insidious scheme to sell compromised accounts to buyers.
Another incident unfolded during a peer-to-peer trade on a separate exchange. Seeking to purchase $BTC, I initiated an order that aligned with my criteria. However, the trader insisted on shifting our conversation to social net, citing purported account restrictions. Surrendering my phone number, I narrowly avoided transferring funds when prompted, recalling past social media scams.
The tactics employed by scammers are cunning and elusive, often centered around the promise of rapid wealth and conveyed with an air of urgency, leaving victims little time to question the risks involved.
To safeguard against such schemes:
1) Stick to reputable crypto exchanges for trades.
2) Safeguard your passwords diligently.
3) Refrain from sharing bank account details outside of trusted exchanges.
4) Scrutinize SMS messages and website domains meticulously to spot potential phishing attempts.
Be safe!
- More for all, less for none. -
