Beware these Bitcoin scam tactics

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Binance South Africa’s country head explains how to spot a Bitcoin scam and protect yourself from falling victim.

As long as new technology is introduced into the world, fraudsters will continue to search for a place to thrive.

Blackmail is a well-known method used by scammers to threaten others with the release of sensitive information unless they’re reimbursed somehow.Blackmail works by scammers either finding or fabricating sensitive information about you and leveraging that information to force you into a position to send them Bitcoin or other forms of money.

Typically, these fake exchanges will attract crypto traders and investors by offering free cryptocurrencies, competitive prices, low exchange fees, and even gifts. But if you make these Bitcoin transactions, you won’t receive anything and will never see your funds again. There are usually indicators of this on certain social media platforms, like blue checkmarks on Twitter and Facebook.Copy-and-paste malware is a very sneaky way for scammers to steal your funds. This type of malware hijacks your clipboard data and, if you aren’t careful, you will send money directly to scammers.As usual, he sends you his Bitcoin address so you can copy and paste it into your Bitcoin wallet.

The first step to avoiding phishing email scams is to check if the emails are coming from the original source. A Ponzi scheme is an investment strategy that pays returns to older investors with new investor money.

 

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