Avoiding Scams For Beginners

[LogitechMouse]

For me, fake website or sometimes we call as "phishing websites" are the most popular way of scamming people when it comes to cryptocurrency and it works. I mean investors don't even look at the website they are visiting with, and they just simply connect their wallet on that fake website. I, myself is a victim of this one, but it's good that the wallet that I connected doesn't have any funds at all, so I just simply deleted that wallet, and created another one.

This type of scam that I'm thinking doesn't normally happen to the crypto industry, but I'm talking about the "Task Scam" if somebody heard about it already. The tl;dr of that is, they will pay you at first for the simple tasks you do and they will say on the later part that in order to withdraw the money that you get from making simple tasks, you will need to deposit some money. Nevertheless, I agree with what OP said that scammers as evolving as our technology is evolving that's why I always say to newbies that they should learn first.

[debra]

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.

Agree. It is better to use trusted platforms only, don't use random platforms. When I want to trade my coins or store my coins temporarily, I prefer to choose top exchanges only. This is also the way to avoid scam exchanges. There are so many scam platforms, scam projects, or scam sites. So we must be more careful now! True, we must always do deep research and check the reviews from other people who ever used it. If we always becomes more careful, I think we can avoid the scams. In most cases, people are deceived by scammers because they are doing something carelessly.

[Rruchi man]

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.

Your trust is something that scammers hope to gain first before they can successfully carry out their dubious schemes on you. If you do not easily trust, you will not easily fall victim to these scammers. Before you trust, you have to verify, and you do not need to trust blindly or completely. Trust is not something that should just be easily given to people or individuals simply because they are our friends or family members; they can be as dangerous as strangers. Before you trust someone, be sure that they have earned it.

[Faisal2202]

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.

I can't agree more with your words and these are some good tips +1 for you. I also wanted to add a few examples of such scams that can also give newbies more idea of how really such scams work. For example, the Twitter (AKA X) account of some celebrity got hacked and the hacker made a tweet that connected your wallet to this link and got one in a time NFT people thought it might get them some good profit and everybody started connecting their account and lose and that day $900k were stolen by everyone who connected their wallets.

I am talking about the Vitalik Twitter account hack case.

If we do a thing just because everyone else is doing it does not mean that's right or real. Like many people are joining TG Bots nowadays and thinks about how they can be fake.

[DYING_S0UL]

I could understand most of them but not rug pull scam. What is it again?

From where I live I think ponzi is the most wide spread and famous one. Every months they would make a app or website, where you will need to invest a certain amount to get a fixed return, the more the invest the more the return. They have referral benefits too. Every year million million dollar are stolen by this. They would pay for maximum 2 months to the early investors, and when they gain much popularity they would stop paying and would steal the money. They would again return with a different name different company different theme, and start scamming again. Since my country is not that well developed and still developing there are many rural folks who are not smart enough to figure that this is a scam.

[Z-tight]

The best way to avoid scam is to use a cold wallet, and that is either an airgapped or hardware wallet, that way your keys are offline and what you do in your online device cannot really affect your funds, because anything online is prone to hacking. Another way is to ensure you use open source softwares, one that you and the community can review its code for bugs and other vulnerabilities.

[SOKO-DEKE]

When someone is not that eager to make it quickly in the cryptocurrency industry, it’s hardly likely for them to fall for all these kinds of scams. Most of these scammers’ tactics usually involve trying to get someone to double their money. When some people hear that, due to their desire to make money quickly, they just follow the scammers' instructions. If anyone doesn't want to fall into the hands of scammers, they should stop thinking that they can make it quickly. There is no free money anywhere because big profits are what most scammers use to attract people.

[nakamura12]

Some scammers run a legit platform then freeze the users account and take their balance and explain that they have broken some of the rules or they didn't follow it so there's nothing the users can do but to complain. Other scammers only make an exact copy of an original platform but the difference is the platform url, it is called phishing websites.

[Dzwaafu11]

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.

It will be a nice thing if they introduce such a quiz, and it is an educational something that will bring more knowledge to us and preventive measures to avoid being scammed because many people will bring different ideas, so from other people's ideas, we will know we don't know, and also people will learn from what other people shared, so I think this idea is something to consider. 

When someone is not that eager to make it quickly in the cryptocurrency industry, it’s hardly likely for them to fall for all these kinds of scams. Most of these scammers’ tactics usually involve trying to get someone to double their money. When some people hear that, due to their desire to make money quickly, they just follow the scammers' instructions. If anyone doesn't want to fall into the hands of scammers, they should stop thinking that they can make it quickly. There is no free money anywhere because big profits are what most scammers use to attract people.

Scammers are very smart; they always come with different types of strategies to scam people, so even if someone is not eager to make money from cryptocurrency, that does not mean they are protected from getting scammed. The main thing is the knowledge. You may think you are smart; you think of getting money quickly, but you don't know what will happen because anything you don't know you don't know you must have to learn, so regardless of how careful you are in this space, you just have to learn some key things to avoid getting scammed.

[hugeblack]

Some scammers run a legit platform then freeze the users account and take their balance and explain that they have broken some of the rules or they didn't follow it so there's nothing the users can do but to complain. Other scammers only make an exact copy of an original platform but the difference is the platform url, it is called phishing websites.

If you do not trust a platform, this means that all the links related to it are unreliable links, let alone phishing links, but some services create temporary platforms and manage the exchange process via the binance OKX kucoin API, so you must be careful when using unknown platforms.

[Z-tight]

There is no free money anywhere because big profits are what most scammers use to attract people.

That is part of it, i usually tell people that anything that looks too good to be true is probably a scam, until you can prove that it isn't. Greed is a major reason people get scammed, if you are not greedy you'll not fall for giveaway scams, you'll not fall for money doubling schemes, etc.

[Ricardo11]

Nowadays, scammers come up with many types of offers that a newbie will be surely attracted to them, that is, those who do not have much knowledge about online and scams will easily fall for the scammers. So they have to be careful, they have to understand that no one will pay them in vain. Those who offer this kind of thing, all you have to do is create an account, and give a promo code, so you get $10000 (just for understanding). They are 100% scammers. So always be careful, Don't enter any highly profitable offers online they are scammers.

[Tribalchief]

You've done well by making this three important basic list to guide newbies, so they don't fall victim of scams. The truth is, scams happens to be something that can't be taken away from our society. The world we live is filled with both the good and ugly side, which makes cryptocurrency not an exemption. But it is important for hardworking newbies to avoid fraudulent circumstances, so it doesn't leads to financial trauma or impression towards cryptocurrency.

Aside the things you've mentioned, I think newbies should also have the necessary knowledge.  There are some scams that requires people to connect their wallet to malicious websites, and not all newbies are aware of this. There are also malicious links that makes people's device vulnerable to attack and theft, but Newbies are not aware, so this shows the importance of having basic knowledge before getting into cryptocurrency, and I will always encourage.

[taufik123]

Nowadays, scammers come up with many types of offers that a newbie will be surely attracted to them, that is, those who do not have much knowledge about online and scams will easily fall for the scammers. So they have to be careful, they have to understand that no one will pay them in vain. Those who offer this kind of thing, all you have to do is create an account, and give a promo code, so you get $10000 (just for understanding). They are 100% scammers. So always be careful, Don't enter any highly profitable offers online they are scammers.

Scammers also disguise themselves as important people in telegram groups, tricking beginners into following instructions given through private messages.

There are many methods used and now the most common is the method of using Fake dApps which will be a trap for the wallet used to connect and will automatically be exposed to Drained Bots which will drain all the assets in the connected wallet.

Even not beginners, those who are already experienced in crypto can also be targeted and unconsciously their wallets are drained.
Therefore, it is necessary to be vigilant and careful in every activity carried out on the internet, make sure everything is legitimate and not a trap.

[Nheer]

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.

Hridoy7788 has given strong advice to avoid crypto scams because as a beginner this is mostly the mistakes you can make as a result of ignorance, beginners can’t differentiate between reputable exchanges and fake ones, they don’t know how dangerous it is when they click on suspicious links and get easily fooled by unrealistic promises and that way they are easily exposed to scams.

As said, seeking knowledge should be the first step for every beginner that way they will be exposed to certain information and easily identify scams from a far. Even with knowledge you should still be very cautious and follow the tips above as precautionary measures and always prioritize your own personal research before giving in to any ideas.