Cryptocurrencies are regularly targeted by scammers and hackers due to their rising popularity. For instance, $3.5 billion in cryptocurrency was stolen in 2022 alone. That number could be way higher because not everyone reported they were victims of scammers. But does this mean you should stop being interested in cryptocurrency? Absolutely not!
There are various ways to protect yourself from hackers and scammers, and the first step is to learn as much as possible about the dangers out there.
Common crypto scams
1. Phishing
Phishing is not a brand-new way of getting account information, but it is still popular among scammers. After all, they want to get their hands on the key, and phishing can deliver that. Scammers might send you a link to a website that looks legitimate, but it is designed to steal your login data.
It is not surprising to see that hackers impersonate well-known websites and services. They use social media and emails to send out fake links, so be careful when opening messages from unknown senders. Look for alerts from your antivirus software because they might warn you and block malware.
2. SIM-swap
It is understandable if you’ve never heard of the SIM swap scam because it wasn’t very popular until a couple of years ago. In this instance, a hacker would be after your SIM card. If successful, they will have a copy of it. It means this person will also have access to your data. Using apps that block malware and viruses could be useful in this situation.
The SIM swap scam is used to bypass the two-step authentication. Most crypto enthusiasts are familiar with the dangers and often use the generated codes to access their wallets. A hacker might access your wallet, and you would have no idea.
3. Fake investments
Finally, there are investment scams, which are more common than you think. Someone might introduce themselves as a manager and offer to grow your cryptocurrency investment. The only thing you need to do is send your cryptocurrency to them. Besides that, a fake manager might introduce you to a brand new crypto that is expected to be huge in a couple of months.
But at the moment of the offer, the price is super low. As people keep investing in the new cryptocurrency, its price will go up. The scammer will then lower the price, and you will lose your investment. Fake investments are common on social media websites. Therefore, if you receive a message from someone you don’t know who is interested in your crypto, just ignore it.
