The threat of cryptocurrency fraud is something to always be wary of, but it is also something that can easily be avoided
Stepping into the world of Cryptocurrency can be exhilarating. It’s an exciting rush of new financial possibilities. But as always in today’s digital jungle, caution and common sense should be used. This is not because cryptocurrency is dangerous or something to be afraid of, but rather because there are massive amounts of scammers out there, just waiting for you to make one mistake. Fortunately, though the common security mistakes are pretty easy to avoid.
There are so many things to keep in mind when protecting yourself and your investments, but one thing to especially remember is this. Most hackers and scam artists will focus their attention on whichever browser you are using to access exchanges for buying and selling assets.
In a recent study by computer scientist Doug Leith at Trinity College in Dublin, it has been concluded that some popular browsers are much less efficient when it comes to staving off hacker attacks. Leith stated that among Mozilla Firefox, Google Chrome, Brave, Apple Safari, Edge, and Yandex, the worst were the latter two, Edge and Yandex. The browser with the highest ranking in safety? Turns out Brave outperformed all the others. Mozilla Firefox, Google Chrome and Apple Safari all ranked in the middle.
Having a secure browser brings you one step closer to protecting yourselves from hackers. But now let’s look at some common ways hackers operate and let’s cover some of the ways people can protect themselves. Because sometimes, even with the best browser, hackers find ways to gain access to precious data and info. Looking at Bitcoin’s website, there is a pretty handy list of all the different kinds of scams to avoid.
Hacker and scammers love to threaten people in exchange for electronic currency. Usually, the hacker will claim that they’ve gained access to your personal computer and have stolen some precious or valuable data. They then threaten to send whatever it is they have, to all your email contacts or post it on the web for all to see, unless of course, you pay up in bitcoin. In the case of hacker extortion, don’t immediately believe everything the hacker says. If there is no hard proof that they have your data, chances are, they are bluffing. And second, the best way to avoid extortion is to be sure it does happen in the first place. Using a password manager can help you create uncrackable passwords and also keep track of them! Have good password etiquette is very important when it comes to protecting yourself.
Fake bitcoin exchanges have dramatically increased in numbers over the last few years. This is because scam artists are starting to take advantage of the huge surge in popularity Bitcoin has recently seen. These fake exchanges will look like a normal exchange, except the prices and offers might seem too good to be true. If you happen to stumble across some unbelievably cheap bitcoin, odds are it should be just not. Not believed. To avoid losing any money on fake exchanges, always be sure to use reputable exchange sites, and keep an eye out for red flags.
Altcoins can be used as the perfect bait for scammer to find their victims. Altcoins are basically any alternative digital currency to Bitcoins. In themselves, altcoins are not dangerous. But you should always be weary. Some people will try and manipulate you into trading all your Bitcoins for some supposedly up and coming super lucrative altcoin. The scam coin’s website might make inflated claims about having a large community, or they might offer free coins in exchange for joining their community. In the past, scam coins have promised things like 28,000% returns, but ultimately, the investor gained nothing, and the scammers effectively got away with the digital money.
Unfortunately, scammers can be incredibly good at what they do! There are thousands of fake websites out there that look exactly like the real website. When a person uses their password or payment info on this bogus website, the scammers then have gained access to valuable information. Always make sure that the website you are frequenting has a little lock icon near the URL bar, as this indicates that it is a secure site. And also, always make sure the site has a https in the site address bar. And lastly always be sure to carefully type in the website address that you are wanting to go to. Scammers will create fake versions of the real website, with web addresses that are just slightly different, so if you enter a common spelling mistake in the adressbar, you might actually be taken to a fraudulent site.
Just like all money market investing, Bitcoin investments can be risky, but that risk doesnt have to involve hackers or scammers, as long as common sense and safety precautions are taken.