What are the common social engineering scams targeting cryptocurrency users?

3 answers

• Dec 28, 2021 · 3 years ago
  One common social engineering scam targeting cryptocurrency users is phishing. This is when scammers send emails or messages pretending to be a legitimate company or service, asking for personal information or login credentials. They often create fake websites that look identical to the real ones, tricking users into entering their sensitive information. It's important to always double-check the website's URL and never click on suspicious links.
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• Dec 28, 2021 · 3 years ago
  Another scam is the fake ICO (Initial Coin Offering). Scammers create fake ICOs, promising high returns on investment. They convince users to send their cryptocurrency to a wallet address, but once the funds are sent, the scammers disappear, leaving the victims with no way to recover their money. It's crucial to thoroughly research any ICO before investing and only participate in reputable ones.
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• Dec 28, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, warns users about the common social engineering scams targeting cryptocurrency users. They advise users to be cautious of unsolicited messages or emails asking for personal information or login credentials. BYDFi recommends enabling two-factor authentication and using hardware wallets to secure cryptocurrency holdings. Additionally, they suggest staying updated on the latest security practices and regularly educating oneself about potential scams in the cryptocurrency space.
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