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Cryptocurrency

Beware Of Scams

As with other financial markets, the cryptocurrency market is not free from scammers. Although blockchain technology in itself is quite full proof, scammers find out newer and innovative methods to cheat innocent people. 

 

Let’s take an example of a possible crypto scam. Scammers may offer lucrative investment or business opportunities with promises of providing you with financial freedom. Or they may contact you through social media or WhatsApp using posts such as this:

 

 

Be very careful of them, they can be potential scams. 

 

Be wary of messages which:

  • Promise that you will make money without any hard work
  • Assure big payouts in a short time
  • Offer free money through cryptocurrencies
  • Make claims that are not very clear

Do not enter a website or download a mobile app that looks suspicious. Do not open an email if you don’t know the sender. 

 

Crypto-jacking

This is another type of scam which is typically associated with cryptocurrencies. Crypto-jacking is the process by which scammers use your computer or smartphone to mine cryptocurrencies without your permission or knowledge. When you visit a website, scammers put a code into your device and then use your device’s processor without your knowledge. 

 

If you notice that your device is slower than usual, or is using more battery power or crashing often – be careful – it might be crypto-jacking. 

 

In case you face such an issue, here are a few things you can do:

  • Close all sites and apps that slow down your device. 
  • Install an ad blocker to defend your computer from crypto-jacking. However, ensure that the ad blocker is provided by a legible source. 

Here are some preventive measures to avoid crypto-jacking:

  • Use a trusted antivirus software. 
  • Never install software and apps you do not trust.
  • Do not click on links which look suspicious. 

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Units 11/15