How to recognise a crypto scam
The Hindu
A guide to keeping yourself safe from crypto scammers and hackers, even if you do not invest in digital currencies.
Even if you do not invest in cryptocurrencies such as Bitcoin and Dogecoin, you can still be the victim of a crypto scam. These cyber criminals range from lone scammers in your locality to North Korean state-backed hackers. Many crypto scammers target amateur traders who may not understand the technology underlying blockchains, or even everyday internet users with zero crypto holdings.
In order to safeguard yourself and your finances, you do not need to be a blockchain prodigy or a cybersecurity expert. Instead, learning to recognise a few red flags and common criminal patterns can prevent you from losing your life savings.
Remember that a crypto scam can reach you through the digital channels you use everyday, such as WhatsApp or Signal (messaging apps), Facebook or X (social media apps), and even Tinder or Bumble (dating apps).
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A stranger sends you a message on a social media channel, claiming that you have won money and that you should click a link in order to claim your prize. The sender may then ask you to pay a tiny sum, provide your bank details, create a digital wallet, share an OTP, or invest in a token in order to receive huge returns. Never accept such offers and do not click on any provided links. Do not accept “airdropped” gifts or tokens either, even if the risk is minimal.
When you match with a romantic partner online, keep it polite and casual. Beware if a new date probes you about your finances or pushes you to invest in specific assets. A romance scammer may sweetly encourage you to buy coins/tokens they support, or might promise to share their earnings with you. They may also refuse to meet you in person for a number of reasons. Cease all communication at once, report the profile to law enforcement, and do not send any more money or information to the individual.
Some romance scammers are actually victims of human trafficking who are being forced by their enslavers to cheat people across the world, so it is key to report such incidents.
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