Home Technology How Many Scams Are There On the Internet- Know the Risks

How Many Scams Are There On the Internet- Know the Risks

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Scams, in general, have been around for as long as people have existed in this world. No matter what industry it is, there will be scams there, and there will be those who fall for them.

More than a decade ago, scammers found a brand new industry where they could make money off naïve investors; the cryptocurrency market. The crypto space has become infested with scams simply due to the anonymous nature of Bitcoin and other cryptocurrencies and the lack of regulation in the market. It has allowed scammers to get away with big scams and heists with potentially little or no consequences.

The best way to not fall for these scams is to educate yourself and be extremely careful in everything you see online. If you are wondering how many scams are there on the internet in the crypto market, you will come across a vast list.

Plus, more are being added on a regular basis, and it is crucial to be aware if you don’t want to end up being a victim. Millions of crypto investors have been scammed out of massive amounts of money, and the only way to avoid them is to understand how this happens.

There are several ways that scammers can use for hoodwinking people. Some crypto fraudsters are just fast-talking swindlers who can only talk a big game. They will appeal to people’s greed and promise them impossible returns. They will not disclose the investment strategies to be used but will make big claims that can tempt and convince people to invest their money.

In contrast, there are also those that prefer to use straight-up deception to fool investors. They start with lying and then add more lies to the entire plot. They come up with elaborate schemes and use jargon and claim to have specialized knowledge that enables them to offer such incentives.

Likewise, you will also come across scams that impersonate some renowned people in the crypto industry. It is a given that if you see someone influential supporting a particular cryptocurrency or investment opportunity, you are more likely to invest in it. Their support can add a layer of credibility due to which scammers have chosen this approach.

Thousands of people have lost their money because they fell for this scam. Apart from that, there are also crypto brokerages that are just elaborate scams. They compromise the personal information of their clients and use up their deposits.

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But, it should be noted that while there are tons of scams in the crypto market, not every broker you come across is one. One of the top XTRgate crypto tips is to do your due diligence because this can help you in identifying real scams and prevent you from being misled. You will be able to find the real opportunities that are often lost between these scams and will be able to use them to your advantage. It is necessary to be cautious, but this doesn’t mean that you should give up on crypto altogether.

Top Scams on the Internet

There are various ways cyber-criminals and fraudsters can rob you of your hard-earned money, and the most widely used scams are as follows.

Phishing Email Scams

Do you know more than one-third of all the security breaches happen due to phishing emails and malicious software attached to an email? The scammers send these emails to unsuspecting individuals, investors, traders, and novices in the crypto-market.

It continues to evolve with time and has become one of the most prominent threats in the online world, both for crypto-users and cryptocurrency organizations. A successful scam attempt could see all their valuable cryptocurrency and data in the grasps of a malicious entity or individual.

The adverse effects of such a cyber-attack can be extremely daunting. Therefore, to stay safe via keeping yourself up-to-date against such heinous crimes is vital to prevent and detect these scams before they happen. The primary source of such phishing scams is communication-based and social media platforms, or emails are the most commonly used mediums to conduct these scams.

The scammers basically try to make you reveal your sensitive and valuable data such as login credentials, bank account details, social security numbers, cryptocurrency private keys, and platform info. As an online user, you probably know how valuable all these pieces of information are.

Moreover, you have to vigilant because these emails appear so legit as if they have come from an official source such as your banking or cryptocurrency institution or other financial authorities. Most people end up giving out their personal information thinking they have to because the officials asked them.

Therefore, internet scammers are using more sophisticated social engineering tactics to convince you to click on the links they provided.

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The Nigerian Scam

This one is probably one of the most popular and oldest of the Internet scams used by the fraudsters from the Nigerian region. It is a so-called wealthy Nigerian family with wealth, and they trick online users. This scam is also known as “Nigerian 419”, and the name comes from a section of the Nigerian Criminal Code banning the practice of such scams.

Generally, this scam starts with you receiving an emotional letter, email, social networking message, or a text message. This message is usually written by an impersonator who pretends to be a government official, a family member of a rich family, or a businessman (mostly claiming to be a woman).

These fraudsters ask for your help to retrieve a large amount of money from the bank. It requires payment of a small fee for the legal process and paperwork. They claim if you help them get the money, they will give you a massive cut from the money retrieved.

They will stay persistent and will continue to ask you for more and more amount for additional services such as money transfer cost and transactions etc. You will even begin to receive paperwork from various financial institutions that will make you believe the whole scam to be actually legit. However, in the end, you are left with a broken bank account, and no sign of the promised money whatsoever.

Imposter Website

The Internet world is full of useful sources and opportunities when it comes to cryptocurrency trading, and even when you are following dependable and reliable tips on investing in cryptocurrency. No matter how experienced you are, you are always vulnerable to visit a fake website accidentally.

You cannot even imagine how many fake cryptocurrency websites are lurking in the world-wide-web, and they actually resemble the original cryptocurrency platforms. One of the most straightforward tips we can give you is to spot the small “lock icon” indicating in the URL bar. Additionally, look at the website URL if it says “HTTP” instead of “https” then think twice before proceeding. In HTTP(S) – the S stands for secure.

Even when you believe the site to be legit and it will actually appear identical to the original website in any possible way a naked eye can detect, you may end up being directed to a dodgy platform for payment.

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For example, you want to purchase Bitcoins, and you click on the link that seems like a legitimate website for cryptocurrency traders. However, the internet fraudsters have actually created a fake URL that replaced a zero in the address with an ‘o’ – you may not notice that because of it a very minute detail and let us be honest, when do we ever pay that much attention to a URL address.

Now you clicked this fake link, and instead of taking you to the virtual cryptocurrency platform to buy your cryptocurrency, it takes you to another fake payment page, which will again resemble the payment page of the original cryptocurrency platform.

You will put in all your details to make a purchase or transfer funds, and that is it. You have just given all your sensitive and valuable information to the perpetrators. Therefore, be careful when you type a URL and double-check what links you are clicking, etc.

Fake Mobile Apps

With the evolution in smartphone technology, internet fraudsters have found more sophisticated and newer ways to trick cryptocurrency traders and investors. Fake apps are available on both Google Play and Apple’s App Store that appear legit and similar to original apps but are far from it.

Although being a cryptocurrency trader, you can mostly identify these fake apps and get rid of them. However, that does not mean that these apps are always detectable. Thousands of cryptocurrency users end up downloading these fake mobile apps on a daily basis and end up being the victim of cryptocurrency scams.

However, Android users are more at risk, and every cryptocurrency should stay vigilant and stay aware of the possibility that the mobile app they are about to download may be malicious. Look out for inauthentic graphics, strange colors, and incorrect logos. Take note and reconsider downloading and search if it is the app you are looking for.

 

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