Common Types Of Cryptocurrency Scams & Tips To Avoid Them. Part 8

7. Phishing 

Phishing is where individuals are contacted via email, phone or text message by an impostor imitating a legitimate company. They try to get your private information like username, passwords and seed keys.

And make sugar-coated promises like a guaranteed profit or may ask you to pay for some membership etc. It can also happen that these emails and messages may contain some viruses that can steal your information.

How to Avoid This:

  • Never open such scammy emails.
  • Always cross-check the authenticity of the messages received
  • Never share your sensitive information to unknown people.

It Isn’t All Scammy!

Scams in any industry aren’t new, many of the above scams like phishing, pyramid schemes happen outside the crypto industry as well.

But we don’t label the entire industry as a hoax, but in case of cryptocurrencies, people do so because of their negligence, which is absolutely wrong.

These scams mentioned here play on peoples carelessness and greediness, only if you remain alert and cautious, all of it could be avoided.

So my suggestion to you would be – have an open mind about the topic and educate yourself without having any preconceived notions and trust the information only from a legitimate source.

And lastly, if something looks too good to be true, it probably is. 

Courtesy : COIN SWITCH - KUBER. Cryptocurreny Exchange of India.

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