Have you fallen victim to cryptocurrency frauds and scams? Or do you want to know how to identify when it’s a scam or fraud? Looking for ways to protect yourself from cryptocurrency fraud and scams? Then you are just at the right place. Continue reading to find out.
Since the emergence of cryptocurrency across the world, many profits have been harnessed by several investors’ day-in-day-out, which has then become an avenue for gaining wealth. This has thus allowed more people to have an interest in it and kickstart without looking back. Cryptocurrency itself has then become very popular, adding to its “autonomy” opportunities to users over transactions and assets. How then do users fall prey to fraudsters and become subjects of scams? This is mainly because of the absence of an authority to control the proper functioning of cryptocurrency channels. Another factor that acts as a trigger to this fraud and scam is the increase in the value of cryptocurrencies such as Dogecoin, Bitcoin, and Ethereum.
Now, in order to avoid falling victim or prey to these crypto frauds, the best weapon that is needed of you to grab onto is incredulity. Let it also be known at the back of our minds that it is not everything we read online that is real or true based on the fact that it is done in order to trick us. If you want to avoid getting scammed, the following below is what you just have to do.
Here’s how to protect yourself from cryptocurrency fraud and scams. They are:
- Be conscious of the way you accept unidentified contacts who demand that you provide your personal details via social media, email, text, e.t.c.
- Avoid getting lured to settle with deals that come easily in a platter of gold, that is, offers that appear to be ten or more times the real returns without a tangible explanation insight because it is apparently a scam you are about to fall into.
- Activate two-factor authentication for your cryptocurrency account.
- Get yourself familiar with the authentic mobile app so that you will be able to identify the fake ones because they are always all over the internet.
- Get your mobile devices and PC properly protected by downloading anti-malware software, and do not make the mistake of using an unofficial app store.
- Do not allow any investment opportunity that requests an up-front payment.
- Reviews and ratings, including the authenticity of logos, should be one of those things you lookup for if you do not want to fall prey to fake apps.
- As a crypto trader, always ensure that you double-check your social media handle, email-id, or phone number that is usually being used to contact you.
- Double-checking should as well be carried out on URLs and websites.
- Lastly, to be on the safer side, make sure to bookmark frequently visited sites so that you would not have to begin to click any links from your mails or any other place.
Note: these perpetrators usually exhibit their tricks on users by sending phishing emails, and they also do what we call spoofing, which is the technological attack that is commonly used. They also advertise give-away scams and give unauthentic or fake technology support.
What Are Cryptocurrency Fake Apps?
These apps are designed by fraudsters and scammers to make users mine their cryptocurrency for free, and they go further by adding more mining avenues and then cajole customers into paying. Many times the deed is already done before the customer realizes that they have been duped as the adverts that they have come in contact with were never in the position to perform the operations as advertised.
It does not stop at that, and these apps are normally not found to possess any cryptocurrency-mining features and request their users to pay for an increased cryptocurrency-mining capability through the use of the apps called in-app billing system. The rates of payment range from US$14.99 to $189.99, another app known as Daily Bitcoin Rewards is a cloud-based mining system that requires an upgrade action by its users via buying of their favorite mining machines. This is usually done if you really want to earn a lot of coins at a faster rate.
Sniffy Signs Of A Fake App
No matter the strong masquerading activities carried out by crypto perpetrators, there is usually a trace of an off-sign, and you should be able to sense or identify it quickly if you are already acquainted with user experiences over the years. For some of the people who are yet to identify those sniffy signs, below is what you gotta look out for to identify a fake app.
- When there is an unusual upload of contacts and turning on locations in the background by a game.
- When the user experience and branding seem off. For instance, when you get to notice that the colors are totally different from the ads or website, missing promised features of incorrect logos.
- When the app only gets a thousand downloads.
- Lastly, when you notice an obvious photoshop screenshot and when there is a misspelled word in the app description
List of Fake Cryptocurrency Android Apps Brought Down By Google On Play store
According to reports brought by Trend Micro, it has been confirmed that Google has finally taken a positive step by bringing down eight apps in particular from the play store.
The following are the list of fake cryptocurrency apps:
1) Ethereum (ETH) – Pool Mining Cloud
2) Bitcoin 2021
3) Crypto Holic – Bitcoin Cloud Wallet
4) BitFunds – Crypto Cloud Mining
5) Bitcoin (BTC) – Pool Mining Cloud Wallet
6) Bitcoin Miner – Cloud Mining
7) Daily Bitcoin Rewards – Cloud Based Mining System
8) MineBit Pro – Crypto Cloud Mining and BTC miner
In addition to this, Trend Micro warned that there are still numerous numbers of these fake cryptocurrency apps out there on the play store, and so users have to be very careful of these apps developed by unknown publishers. As a user, it is also advisable that you install anti-virus apps on your devices in order to protect your devices from fake malware-laced apps.
- The same way there has been a huge turn up of millions of investors from across the country and wide into cryptocurrency is the same way scammers have also rushed into cryptocurrency because it caught their attention too.
- The main aim of a crypto scam is usually to have access to users’ private information, one of which is the security code.
After a thorough investigation of the activities of crypto perpetrators, it has been identified that their most common attack on users is phishing scams. So it is advisable for users to follow up on the tips as provided in this article to protect themselves from their attacks.
What’s more? It was reported that more than 114,79) people fell victim to this phishing scam around 2019 and made losses of over $57.8 million. So do well not to be a prey or victim to cryptocurrency scammers and fraudsters.