HAMPSHIRE, UK / ACCESSWIRE / August 25, 2021 / Tungate, the leading company in the fraud-preventing industry, is proud to announce the launch of its latest system, which will help clients prevent, detect, and investigate fraud online.
Cryptocurrencies usually exist only in electronic form. Transactions involving cryptocurrencies are usually conducted online without the involvement of third parties such as banks. These transactions rely on blockchain technology, which provides some form of anonymity and makes the system difficult to hack. Blockchain technology is more secure than ordinary electronic transactions. However, as with anything else involving money, scams exist. Fraudsters take advantage of every opportunity to cash in and steal money. Their greatest tool remains the ignorance of unsuspecting people.
As the cryptocurrency space continues to grow, scammers have come up with more sophisticated ways to scam. Here are some crypto scams to watch out for:
Investment Opportunity Scams: Investment scams are more common. Some scammers advertise investment opportunities with promises of higher returns in a short period without any financial risk. Sometimes they promise recruitment rewards paid in cryptocurrency.
They often require a constant flow of new people to make more money. Typical examples are Ponzi or pyramid crypto schemes. Remember that 'if it sounds too good to be true, it is too good to be true'.
Fraudulent Giveaways: Some scammers post screenshots of false messages promoting a giveaway. Usually, the 'winners' are required to 'confirm' their location by sending a certain amount of cryptocurrency first. Of course, after this, users will discover the giveaway was false, but there is no hope of retrieving the money sent. False airdrops may also be advertised with links to fraudulent websites where their personal information is collected
'Rug Pulls' /Pump and Dump Schemes: In some cases, scammers pool money to purchase a coin in massive amounts. This causes the price of the coin to shoot up, drawing the attention of potential investors and resulting in Fear of Missing Out (FOMO). Once the price shoots up to a substantial value, the scammers sell all their coins, causing a massive slump in the price.
In some cases, a malicious individual creates a coin and promotes it aggressively, then abandons efforts to promote the coin or withdraws everything from the liquidity pool, driving its value to zero. These result in investors losing their money.
How to Avoid Getting Scammed?
- Research and research. Always do proper research before purchasing new coins or tokens.
- Contact a Recovery Company. There are companies that can retrieve their investments and funds lost to cryptocurrency and forex scams, such a company is Tungate Capital www.capitalTungate.com
- Avoid FOMO and FUD. Scammers capitalize on Fear, Uncertainty and Doubt, and the Fear of Missing Out to get users to buy malicious coins for their profit. Users should stay calm and do their research. The crypto market is here to stay, there's no need to rush into something users don't understand.
- Confirm the Correct Website or App. When attempting to use/login to a crypto-exchange, wallet or crypto-related service, watch out for spelling and grammatical mistakes. Ensure they're using the right website or app, rather than a phishing site. Phishing scams are used to trick victims into handing over login credentials or sensitive data.
- Avoid sending cryptocurrencies to unknown external wallets or for giveaway 'verification'.
- Be careful about websites or individuals promising unrealistic or high returns in a short period.
- Use two-factor authentication (2FA) on their accounts and don't share their vital information, or log in on entrusted devices.
- Ensure they're buying crypto from or selling to a trusted source/ vendor.
- Use malware protection on their devices and avoid clicking on links from unknown email sources or on malicious websites or social media as this can be malware sent by scammers to access their wallet
As a rule, avoid following a crypto trend blindly. Ensure to do their research before users choose to 'buy the dip' before their money ends up deep in a 'stranger's' pocket.
Tungate is an international investigative firm that was founded for the purpose of retrieving funds and payments with the aim of protecting creditors and every individual who has invested their wealth in these unregulated but seemingly legal forex and binary option trading platforms.
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