Crypto Scammers: Beware of Deceivers in the Digital World

Scammer is a person who participates in a fraudulent scheme.

Who is a scammer?

A scammer is a person who commits or participates in a fraudulent scheme. This is a person who makes money using illegal methods by tricking people into giving out information they would never give out in a legitimate way.

When applied to the world of cryptocurrency, this could be a DeFi project that you can invest in, which may turn out to be illegal or fake. Another example is a person requesting access to the private key of your cryptocurrency wallet, promising to provide you with cryptocurrency, and then not doing so.

Today, there are four main ways in the cryptocurrency world that you should be worried about.

  • Self-advised sites, where even though the site looks legitimate and identical to the real one, you may be directed to another platform to make a payment. For example, when you click on a link that looks like a legitimate website, but hackers for some reason created a fake URL with a zero instead of an "O" you might be visiting a malicious website that could potentially steal your information and, in turn, deceive you.
  • There are also fake smartphone apps that contain malicious code that can steal your data. These are typically downloaded from third-party sites rather than the official app store.
  • In addition, social networking updates can be illegal and may include hacked profiles that spread fake info or fake news.
  • And finally, one of the most common types of fraud that has stood the test of time is fake emails.
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