Avoiding Scams For Beginners

[TomPluz]

There is no getting away from the reality of so many scams and frauds happening in the cryptocurrency industry and every year there are many people who got victimized in one way or another and they lost money while the perpetrators are making big bucks, damaging the reputation of the industry in the eyes of the many.

So what are the most important and practical ideas that can help newbies to never be victims of scams and frauds? Here are some from me:

1. Never listen to an offer which is too good to be true: usually you just almost nothing and you can earn a lot of bucks just have some capital and turn your money to someone else.

2. Scammers are now getting so creative and even ahead of times when it comes to their crafts so always do some search and think a lot of times before you made the big jump.

3. Don't just go along with the crowd that may lead you to the slaughterhouse...popularity is not always the gauge or the test of being true or genuine as even the most popular people can also be scammed or worst are scammers themselves.

I am sure there can be more good advice on how to avoid scams and frauds...and I want you to share it here for all of us to learn on.

[bounceback]

Right now FAKE WALLET is most interested way for scammer by sharing their private key and show us how much assets in their wallet. The new comer in cryptocurrency not understood well about scam or fake wallet by sending fees for withdrawing fund there, after fees receiving the fake wallet have set up with bot notification and directly sending fees fund to their wallet in short term.
Almost kinds of scam way sharing by OP still adopt by scammer right now and we must be careful, don't interested with website giving by scammer there are have bitcoin assets and required few amount of btc to withdraw. If still beginner in cryptocurrency don't be shy ask to other about potential scam or not because impossible some one not know well will give their bitcoin and altcoin assets.

[Crwth]

It would be interesting to see a quiz or test and let the people share their results with possible identification of scams, like an interactive one that makes you understand if you are susceptible to scams.

I'm interested in doing one.

[bhadz]

In our country, it's sad that the romance scam is still popular. There are many kababayan of ours that still fall for that scam because they think that they've found a jackpot and love with a foreigner. But little did they know, they're targets within their eyes and it's even more sad when there's a kababayan accomplice to the victim that they have been targeting. IMO, being informed will make lesser victims from these scams and that's why knowledge is important but many are not willing to listen and learn with these warnings.

[Charles-Tim]

Right now FAKE WALLET is most interested way for scammer by sharing their private key and show us how much assets in their wallet.

There are many other common ways. Example is to connect you web3 wallet to a scam site. Another common on are fake exchanges. If someone deposit on the exchange, that means the person has been scammed. Another common one which is recovery service which are completely scam. Scam through impersonation is still common. Another one are address poisoning et cetera.

[Hridoy7788]

To avoid crypto scams, stick to reputable platforms with solid security, always enable two-factor authentication, and be cautious of phishing attempts—don’t click on suspicious links or share personal info. Thoroughly research any investment, check reviews, and understand the project before diving in. Also, be skeptical of unsolicited offers; if someone pitches a "hot tip," do your own research instead of relying on their advice.

[MrSpasybo]

1. Never listen to an offer which is too good to be true: usually you just almost nothing and you can earn a lot of bucks just have some capital and turn your money to someone else.

I think this is an important thing for new investors to pay attention to. They often easily put money into projects that are hastily created during a bullrun with a lot of promises of future profits. I've received many questions related to bad new projects during the bullrun 2021. Most of them had problems with the team, solution, and tokenomics, especially the promises related to profits.

In addition to what you mentioned, I think investors should manage their emotions better to have more reasonable expectations. In 2021, we heard many people say that the super-cycle is BTC $100K, BTC price will never decrease again, we have entered a new phase of the market..., but all of that was delusional and did not come true. I think a little understanding of technical analysis can help new investors be more proactive when dealing with the market.

[vegasus]

2. Scammers are now getting so creative and even ahead of times when it comes to their crafts so always do some search and think a lot of times before you made the big jump.

This is what often brings victims who are beginners. because let alone the creativity of scammers who make their scam projects or activities run very creatively and smoothly. various types of old scams also often trap beginners and become victims of these scammers.

why can this happen? One of the reasons is because of the lack of knowledge and insight regarding the cryptocurrency that they have. moreover, their great desire to immediately get big money instantly also makes them reckless and careless in every action, and easily believe in the sweet promises of scammers without any prior analysis.

Therefore, education about crypto or anything where we will invest money in it is very important. do not ignore all education and advice from other people regarding the possibility of a scam.

[JoyMarsha]

1. Never listen to an offer which is too good to be true: usually you just almost nothing and you can earn a lot of bucks just have some capital and turn your money to someone else.

Avoiding projects that offer a good return on investment will do better. Don't invest in them, no matter how sweet the offer can be. Keeping in mind that projects skyrocket in price organically will do a lot better to save one not to fall victim to pump-and-dump projects. Investing in a project because it pumps in price, remember it will eventually experience the same dump you are avoiding, to make you have a loss investment. However, invest wisely because you are convinced within yourself after carrying out your own research that a project will do well with time

[bounceback]

There are many other common ways. Example is to connect you web3 wallet to a scam site. Another common on are fake exchanges. If someone deposit on the exchange, that means the person has been scammed. Another common one which is recovery service which are completely scam. Scam through impersonation is still common. Another one are address poisoning et cetera.

Connect wallet is common way how to make many people got loss their assets, usually happening for airdrop participants without recheck the website for connecting their wallet are trusted or not before losing their fund.
I think most be careful right now with faster innovation from scammer always have difference how to get scam or hack our wallet.
For cryptocurrency holder their assets in wallet, make its privacy and never connected with not trusted site and checking more detail if required for connecting wallet are there web3 wallet scam or trust.

[hugeblack]

Conducting research is a good step to identify fraud, but how you conduct the research is what determines it. For example, if you search for the name of the service on Google, the first search results may be paid articles or phishing links, and here the research is no longer useful. You cannot avoid 100% OF scam, but try not to be scammed except after a great effort and to keep the losses as low as possible.

[joniboini]

For cryptocurrency holder their assets in wallet, make its privacy and never connected with not trusted site and checking more detail if required for connecting wallet are there web3 wallet scam or trust.

What exactly do you mean by "are there web3 wallet scam or trust"? Are you saying that scam services will likely hide some details from you, or that scam web3 wallets will hide details and automatically sign transaction or something similar? I can't really understand it.

I don't recall seeing a news where popular web3 wallets will get hacked just by connecting to a new website. Most of them come from signing a smart contract, executing some random code, connected to a phishing account that requires permission and the user never bothered to check it, etc. I do agree that relying on your web3 wallet for scam protection is a stupid thing to do though. CMIIW.

[albon]

People are losing millions from crypto due to online fraud. However it is possible to avoid this kind of online fraud if you want, you just need to be careful and use some special strategies. Especially those who are new to crypto are victims of scamming in various ways. So all newbies should be urged to embark on crypto with particular things in mind. Do not share your personal information, account information and gmail information.
If the message comes from an unknown number and if there is a link then don't to click on that link. Also i don't think it's convenient to use online vpn so avoid that too.

[taufik123]

There are many new methods used by scammers to deceive their victims, Even now with the help of Ai it is even easier to commit fraud.
Beginners or even people who have been in crypto for a long time should be vigilant and cautious about new crypto projects, it could be a scam project that has already been designed.

Scammers can easily create phishing links and spread them, or Fake Dapps that will take over our connected personal wallets.
Beginners should be careful and should learn how to avoid the trap of scammers.

[Crypto Library]

Thank you for creating this topic I have familiar most of them on the list on the screenshot except the Rug pull scams. Can anyone explain it to me so that I can easily understood that. I am going to do google searching and I want also from some word from you guys.

Anyway, Crypto has the benefits of decentralization and it have also the negative side like op mentioned on his topic and there is nothing but better to be aware be updated about the situation on crypto world for not trapped by those scammers.