Due to the decentralized nature of cryptocurrencies, investors and other industry titans have begun to accept them as a form of payment. The core notion is that digital transactions are more secure than other old methods since they are transparent, irreversible, mostly not hackable, and overseen by the public.
This has yet to stop some wrongdoers from devising complex schemes to defraud cryptocurrency owners of their coins upon finding it difficult to hack the exchanges themselves. Unfortunately, many people have fallen for these scams because they were careless or for other unexpected reasons.
In this interview, a Coin Return Group expert reviewed a few measures that crypto owners can employ if they get caught in a scam.
What are the types of crypto scams that are currently in vogue?
Every day, scammers relentlessly find new ways to cheat cryptocurrency owners. One of these methods involves using phony cryptocurrency exchanges, which appear to be respectable businesses before vanishing overnight with their customers’ investments.
They could also use Ponzi and fraudulent investment schemes that promise large profits to lure potential victims. Other methods include exit scams when a business collects money without providing goods and identity theft via virtually installing malware on people’s computers.
Which one is the most popular, and why do scammers favor it?
Over time, we’ve discovered that scammers frequently use Ponzi or fake investment schemes to con naïve victims. The reason boils down to our desire to quickly get wealth without working too hard.
This inherent weakness leads to scammers using intricate and well-thought-out bogus schemes to exploit human greed. Ultimately, the targeted people realize that the promised benefits are all false only when it is too late.
How can cryptocurrency owners guard against falling for these tricks?
We always say this at Coin Return Group. Most perpetrated crypto scams are avoidable if the crypto owners always do due diligence. For instance, you should double-check every crypto investment plan advertised to you. If the claimed return seems too good to be true, then it’s best to avoid the investment.
Also, be careful about the websites you visit and avoid doing business on unknown crypto exchanges. If these tips are followed diligently, the probability of getting caught in a scam reduces significantly.
What should crypto owners do if they are caught in a crypto scam?
If you fall for a crypto scam, the first thing to do is to change all the passwords to your crypto account to prevent any further loss of valuable information. Subsequently, you must curate all the transactions during that period and pass them on to a crypto recovery company.
Can I recover the stolen assets?
Yes! Suppose the victim can contact a trustworthy cryptocurrency recovery company swiftly like Coin Return Group. In that case, they will assist in locating where the funds have been moved to and ensure that the exchanges are vigilant to freeze any accounts the scammers may be utilizing. They can also help you initiate legal action when the perpetrators are caught.