In today’s advanced technology, phishing and credit card security researchers have detected fraud schemes that preyed on hundreds of thousands of Facebook users. According to a cyber security business, researchers discovered a vulnerable database with 13.5 million records and more than 5.5GB of data that fraudsters were using to store the personal data of their victims.
Even though the data only covered a brief period, from June to September 2020. The analysts believe the fraud was likely considerably larger and had been going on for much longer. Facebook users were misled into submitting login information for their private accounts by cyber criminals using a program that claimed to show who was viewing their profiles by using crypto scam recovery options.
Is cryptocurrency scam on the rise?
Yes, due to the boom in crypto currencies, scams have been expanding rapidly in recent years. Decentralized finance investors and users have lost $10.5 billion as of November 2021 owing to theft and fraud, raising sevenfold from $1.5 billion in 2020, according to Elliptic, a cryptocurrency asset risk management.
Warning signs of a fake exchange:
You might be concerned about being duped by a phony Bitcoin exchange, given that there is little government regulation and no single organization in charge of cryptocurrency trading. Given the prevalence of counterfeit exchange fraud, this is a valid worry. However, if you know what to look for, you can evade fraud and protect your money.
Offers of free coins:
With promises of free coins, crooks have enticed investors. A social media platform was used to carry out one such operation. By claiming it was a Know Your Customer requirement, the con artists supplied free coins, gathered personal information, and then persuaded potential consumers to make a deposit. When the unwary victims attempted to withdraw, they realized they had been duped.
Many brokers and exchanges employ new customer bonuses as a good business strategy. If you notice an offer, first, you need to confirm that it is from a reputable company and that the website you are linked to is indeed owned by that company.
Some fraudulent Bitcoin exchanges attempt to pass for divisions of respectable financial organizations. Customers never have access to their money after making deposits.
There should be a link from the original platform if the exchange is connected to another platform already in use. Before visiting the link, double-check the information.
A defraud artist might find it simple to offer a bogus new coin, given the wide variety of cryptocurrencies in circulation. The sales message claims that you must enter at the very beginning because you already missed out on Bitcoin. That is what happened with My Big Coin when it defrauded investors from almost US$6 million by pretending to be creating a brand-new virtual currency backed by gold.
First, you need to find trustworthy third-party sources that attest to a new coin’s existence and trade volume if you intend to invest in it. Due to the lack of a formal, controlled listing process like there is for stocks, this could be a concern. As an alternative, you may search for news mentions, monitor trade activity, and learn more about the business providing the item.
Scammers might also make a fake mobile app as a method. You could presume it must be real if you can download it from an app store because the app store has approved it. The app can attempt to pass for a trustworthy exchange or pose as its exchange.
Reviews on the App Store aren’t extensive enough to identify every scam. The app’s correct operation is their top priority. Reviewers might not be aware that the business is fake and if the conman makes a convincing appearance.
Guaranteed rate of returns:
Even while it might be less dangerous or give higher rates of return than other investments, there is still a chance that you could lose your money with this form of investment. Fund recovery services will help you eliminate these types of fake exchanges to avoid such hazards.
Rates of return that are guaranteed are probably. By promising profits that were too good to be true and using new deposits to pay for withdrawal requests, they employed this strategy to pull off the greatest Ponzi scheme in history. Even if a trade could seem encouraging, caution should be used if it provides unchanging confidence.
The bitcoin ecosystem will continue to be targeted by scammers as it becomes more expansive and complicated. Since cryptocurrency is a target for many hackers, you need to hire Reclaim My Losses to protect your account and they treat the malfunctions seriously.