Cryptocurrency Scams: What to Know and How to Protect Yourself

by | Jan 10, 2024 | Featured | 0 comments

Cryptocurrency Scams: What to Know and How to Protect Yourself

At this point, you’ve probably heard of crypto an exhausting number of times on TV and social media. Especially with celebrity ambassadors like Lebron James and Matt Damon. They asked you to  “make history” by using crypto in their latest commercials. And why not? After all, it’s the new currency the mega-rich like Elon Musk and Tim Cook are using. If these smart entrepreneurs can do it, why not you? Well for starters, few of us have a team of investors scouting the markets. And most of us don’t have fraud analysts looking out for us on the net. But that’s where we come in, Elevated Tech has put together a list of ways to safeguard yourself from becoming a victim of a crypto scam.

So what exactly is cryptocurrency? According to Forbes, it is a medium of exchange that is digital, encrypted, and decentralized and has no central authority that manages it. Instead, the cryptocurrency’s use and value are negotiated via the internet. It is here where scammers are finding creative new ways to run their hustle on potential victims.

Unfortunately, according to the Federal Trade Commission, millions fell prey to crypto trading scams on the internet last year. The FTC also estimates that those between the ages of 20 and 49 are 5 times more likely to get scammed using crypto.

How to Avoid Cryptocurrency Scams

To arm yourself you probably need to identify what is a cryptocurrency scam. It is essentially anytime a fraudster tries to get you to invest or pay for goods or services using only this currency.

Crypto Dos & Donts:

  1. Do your research
  2. Don’t trust everyone
  3. Secure your Crypto wallet
  4. Use multi-factor authentication
  5. Check that URL
  6. Reject fee offers
  7. Look out for social media scams

This last one is important because if you read a tweet, text, or email that tells you to only send cryptocurrency, it’s more than likely a scam. Even if it’s coming from someone you may know, the likelihood is that their account may have been hacked.

Cryptocurrency Scams to Watch Out For

  • Promising to earn you lots of money in a short period of time
  • Promising big payouts with guaranteed returns
  • Paying to recruit others into a program
  • Growing your money if you give them the cryptocurrency you’ve bought
  • Sending unsolicited job offers to help recruit cryptocurrency investors, sell cryptocurrency, mining scams, trading scams, or help with converting cash to bitcoin
  • They’ll promise you a job (for a fee), but end up taking your money or personal information
  • Promising big claims without details or explanations
  • Promising free money

Don’t fall victim to these scams, before this happens reach out to Elevated Tech for employee testing and training. This is the best way to increase your defense against outside cyber threats. It also guarantees that your entire team is on the same page regarding cybersecurity vigilance.

Contact us today to make sure you and your team are protected. At Elevated Technologies, preventing cyber attacks is our specialty. The quality of service and loyalty we provide is what makes us the top trusted IT company for Houston area businesses.

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