How to Identify various Bitcoin Scams
Are you able to spot the signs of a scam when you see them? Before you will be able to know that you are being scammed, you need to know how to identify various Bitcoin scams. Scammers use different methods to impress their prey before stealing their money.
We don’t that it can be difficult to recognize scams, however, there are things that you should also keep in mind to avoid and spot scams.
Wondering how to spot a Bitcoin scam? Let’s get to it.
Have you been contacted by someone you don’t know
It’s important not to give money to people you don’t know or trust. Receiving calls, emails, and messages from unknown people are methods that scammers used. Whenever someone you don’t know unexpectedly contacts you about an offer, it should raise a suspicion whenever they asked you to pay.
It’s very unusual for someone you don’t know to call you and start offering you crypto investment offers. You should know that a legitimate organization will never contact you to ask for sensitive information such as secret phrases, codes, pins, and passwords
Don’t engage in investments that seem too good to be true
Most people have the habit of being charmed with crypto investments that’s too good to be true. If someone you don’t know or haven’t met before contact’s you with an investment offer to make a lifetime of profit, it might be a scam.
Think about it, how can someone you have met before will find a lucrative offer and call you out of the blue. In most cases, they may claim to be a company, but with thorough research, you are bound to uncover that you are not dealing with a real company.
To avoid this, if you are not convinced about the identity of a caller, hang up and contact the company they claimed to work for directly.
You have been asked to transfer money quickly, even before receiving what you are paying for
No legit company will ever pressure you into using their service or transfer money quickly to them. And when you think, you have paid more for an item you haven’t seen or received, then stop paying, it might be a scam.
Never share your details
Nobody should ever ask you to give vital information like secret phrases, codes, pins, and passwords. Most scammers have the habit of tricking their prey to share enough personal details with them, so they can steal your money or use your information to commit illicit activities.
What type of details are they asking you? It’s fine for some to ask you for your name but asking for wallet passwords, secret phrases, and pins is scammers method.
And bear in mind that Bitcoin scammers make use of virtual phone number which is difficult to trace.
So, whenever an unknown number calls you with a virtual number that doesn’t indicate any contact information, then that’s likely a scammer.
Are you being asked to keep the offer a secret?
Of course, Bitcoin scammers are often scared of getting caught which is why they ask their prey to keep the discussion a secret. And if they manage to convince you, it will keep you away from getting advice and support which will help you identify that the offer is a scam.
One way to often know you are about to be scammed is if the offer is too good to be true. Are they promising high returns if you invest right away? Then, it’s likely a scam.
Are you being pressured to make a decision? You might be asked to invest immediately. Even when you stop responding, they will be contacting you and pressuring you into making a quick decision.
One thing you should know is that if the offer is really legit, nobody will be pressuring you to invest in it, talkless of disturbing you with calls, emails, and messages.
Is the message unprofessional with spelling and grammar mistakes? Scammers often make lots of grammar and spelling mistakes while crafting their messages. It’s rare but also a potential method for identifying a scammer. Legit organizations are very careful in what they do. Before an email or a message is sent out, it’s thoroughly evaluated by different professionals.
With the above methods, you will be able to spot cryptocurrency and bitcoin scams. Keep in mind that whenever an investment is too good to be true, it’s likely a scam, and avoid sending money to people you don’t know.