How to Abstain and Identify Crypto Imposter Scams?


If you receive unwanted messages or any kind of call from any contacts then you know that you are associating with a good company. On the other hand, some of the messages and calls you receive from telemarketers may be scam calls that try to steal their coins from the victims. Cryptocurrency users and traditional investors as well as ordinary people are targeted, making fraudulent scams common. Learn the evolution of bitcoin and  cryptocurrency market, if you are interested to invest in Bitcoin.

Several fraudulent scams in the crypto world try to follow a similar format: if you are contacted by someone who pretends to be the person, they appear to be which they are not. There are many such cases of government employees, scamming tax officials, and family members by pretending to be them. Through this article, we will try to learn how impersonation scammers do their job and how you can securely store your crypto coins on your platform.

The following ways to avoid cryptocurrency scams:

Account Blocking Scam

An experience has been reported by users to scammers who claim to be Platform employees and law enforcement agents. A text message is sent by the scammers, claiming that you have to follow their instructions now. If you do not do so, they will ban your account permanently. Following this when the text message is sent, investors will receive a telephone call requesting their code via text message.

Along with this, scammers claim that they have already blocked your account and you will be contacted through WhatsApp to solve this problem. If you do not follow the instructions given by them in this situation, then you may have to lose all your money.

WhatsApp Scams and Text Messages

Surely this has become one of the most common scams for users right now. They get a message from a trickster mimicking individuals from Binance. The text will demand that your account is under a hacker attack and a phoney employee ID will reach you through WhatsApp to assist with keeping your account secure. Trickster sends a WhatsApp text, provoking them to send their coins to a protected, Binance-certified account. Investors who succumb to this stunt ultimately send their funds to fraudulent sellers. From that point forward, the con fraudsters block them on WhatsApp and the mobile number scammer happens not to be reachable.

verification code scam

This is considered to be one of the most common scams that exist in the financial sector. Over the years there have been a few scams that have become prominent in the crypto landscape. Traditionally, there are some security measures like verification codes and 2-factor authentication etc. which make it challenging for scammers to get the money back to all those people even if they have login details. Users can be fully enabled to initiate withdrawal requests sent by scammers by logging into any of their accounts. They will be unable to receive the cash unless it is entered through the verification code.

When the code is sent to the user directly to their phone number, at that point the hacker will impersonate a member of their Binance staff on WhatsApp and try to persuade it to deliver the code. They will claim that they must have a code to keep your account completely secure.

QR Code Scam

This is a kind of account-blocking scam. In this scam, you are sent a message on WhatsApp in the form of a QR code that will tell you that you need to get your account verified or else it may be blocked due to suspicious activity. Most scams are such that you will be contacted on WhatsApp by becoming a member of the fake Binance staff. When you receive a message on WhatsApp, you will first be asked to verify your account. The scammer will reboot your account by scanning the code sent to you and completing these instructions at the same time the scammer will access your account and then they will steal your funds and you will lose it forever.

Leave A Reply

Your email address will not be published.