Cryptocurrency Scam Alert: 3 Telltale Signs

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17 Apr 2022
114

A wide range of fraud targets coincidences of newcomers in the bitcoin realm. 

If you're new to cryptocurrency and don't know the difference between a real and a phony platform, you're an easy target for scammers. 

If you look closely, you'll see that these fraudsters deceive consumers into believing that their well-designed websites give them the appearance of authenticity. 

Also, See: What Is a Crypto Custodial Wallet?


Here are a few red signs to watch out for:

1 – No SSL Certificate on the Website

An SSL (Secure Sockets Layer) certificate must be put on every cryptocurrency-related website. 

A website's domain name is shown as HTTP on non-SSL webpages, whereas an HTTPS website is offered as HTTPS. 

Scammers often shut down and move on to another domain once they've defrauded a particular number of individuals on a specific site. 

Because it's so simple to move website data across domains, fraudsters may be up and running in minutes.

Also, See: 3 DAO Cryptos to Buy in 2022


2 – The Offer Is Too Good To Be True 

Everyone wants to get the most terrific deal on their money, regardless of buying in dollars or bitcoins. 

Most crypto exchanges have exchange rates since cryptocurrencies are decentralized. But these rates don't seem to change all that much. 

It's a huge red flag if a website offers much lower or higher rates than other well-known exchanges. 

If you want to avoid being scammed out of your hard-earned money, it's safer and more reliable to conduct business with a robust platform that charges more fees.

Also, See: What Is a Blockchain Fork and How Does It Work?


3 – Beware Of Ponzi Scams

Scams that have been active for many weeks or months may not be as visible as newer Ponzi schemes. 

As a result, the company's initial members would have earned their income (derived from recruits' contributions) and would be writing beautiful reviews online. 

If you know someone who has profited from the fraud, you may assume it's a real crypto business at first sight. 

Please take a look at the glowing testimonials; you'll discover that they all say the same thing very much. 

Indeed, we're willing to wager that the review contains one or more affiliate or referral links.

Also, See: Learn & Earn, Solar: A sustainable decentralized payments blockchain


To summarize, here are the facts

If you're new to cryptocurrency and don't know the difference between a real and a phony platform, you're an easy target for scammers. 

These fraudsters deceive consumers into believing that their well-designed websites give them the appearance of authenticity.

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4 Comments

B
Don't Mind if I Do
Great read!
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