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How to Stay Clear of Crypto Scams?

Nov 07, 2017 Posted /  4474 Views

How to Stay Clear of Crypto Scams?

In today's modern epoch, scams and fraudsters are just everywhere from online to offline, ready to pounce on any possibility that requires for their technical knowledge to make some easy cash. Every now and then, we come across stories of scams, in both print and electronic media, where the the government officials, independent organisations, and the evil-minded people getting their hands dirty for money. Moreover, the cybersecurity, in the recent times, have made no great advancements to instil any feeling of trust and faith among the commoners. The fraudsters are making hay when the use of Internet are booming.

The Dawn of Cryptocurrency

Amidst, this Internet ecosystem, Bitcoin in the year 2009, launched as a revolutionary cryptocurrency. It is a decentralised virtual money, here the central government is not entitled to supply and demonize the currency Thereby, people and investors across see it a great opportunity to make it big financially. However, voices from different quarters were raised against the idea of cryptocurrency, calling it some kind of a planned scam, created anonymously. This belief of a particular section of the investors was blown away like a helium balloon with the recent soaring in prices of this virtual money, and the mushrooming of cryptocurrencies. Though, cryptocurrencies, fortunately, owing to its robust security attributes, some cases where fraudsters took advantage of lack of knowledge of people to make illegal money via cryptocurrency were reported worldwide.


We all as technically challenged individuals wonder, what are the ways to stay clear of cryptocurrency scams. And, this is what in this post we are touching upon to help people defy any fraudsters advances:

Wretch Cryptocurrency Exchanges

You must have come across ads popping on some websites and over the social platforms of business, like the Facebook, which offer you a product significantly less than its market price, if you opt to pay via a cryptocurrency. And, many of us just convinced with pricing consider making a purchase. However, think twice before making a crypto payment, as this may be a luring ad forcing you to fall into the pit of scam. This kind of fraud exchanges are termed as phony crypto exchanges. So, stay away of them.

The first thing you need to check before making a crypto payment on any website is that, does that website has HTTPS protocol for secure payment connection.It means the communication between the browser and the service provider is encrypted, thus ensure reliable secure transactions.  


Another popular way of counterfeit exchanges is the Bitcoin conversion hack. Here, several web portals offer internet users a web form asking them to provide all the necessary Bitcoin detail. Then, a QR code asking the user to verify the transaction as a trick, and most of us click yes unknowingly and money deducted.

Phony Cryptocurrency Wallets

It is often easier to fall into the traps of fake Bitcoin wallets, as we don’t much heed to where we are storing the virtual money. Therefore, phony cryptocurrency wallets are becoming more and more common with passing day. They dupe wallet owners by asking them to install a Trojan software in the name of better security and encryption. This way, the tech fraudsters enter your personal computer to attain all the necessary information to steal Cryptocurrency.


The easiest way to stay ahead of the fake cryptocurrency wallets, look for dubious hallmarks, such as the HTTPS mark in the left corner of the browser window. Plus, you ask your business friends or relatives, those who use cryptocurrency wallets for recommendations. And, lastly, never believe the feedbacks given by previous clients over review sites.  In case, if the cryptocurrency wallet is a downloadable App, then, it's recommended to check out the malicious code of that particular App. There are many software and online tools that come handy in here, as they allow Internet users to scan a software for viruses.

Cold Calls

These are calls made by fake companies calling themselves the tech giants, ready to help you with clearing your personal computer from malware threats. Once, you agree to their service, that guy on the cold call will ask you to install a type of remote application in name of protecting your computer from internet infection. This software serves as an easy means to grab all the necessary data from the computer and hack the cryptocurrency credentials.  

Paid Search Scams

Many fraudulent agencies operating over the virtual world of the Internet using Google paid search to help their websites to gain better visibility and the trust of this tech-savvy generation. This increases the number of visits to their websites, so greater possibilities for scams.


Wrapping up, if you follow the above tips, you can stay clear of the other popular types of cryptocurrency scams and people phishing over the Internet to make easy money. However, there are many other means of online frauds. So, read more about cyber scams to prevent yourself from crypto scams.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: cryptocurrency cryptocurrency scams make easy money cyber scams Cryptocurrency Wallets Crypto Scams

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