Crypto Scams
Australia
What is Cryptocurrency?
Cryptocurrency is a kind of digital currency that lets its holders to use digital coins to trade and invest digitally. These digital assets do not require you to have a bank as the intermediary and, therefore, there are certain risks to cryptocurrency if not used properly. There are a variety of cryptocurrencies in the market such as bitcoin and ether (the native coin of the Ethereum ecosystem), etc. with new cryptocurrency firms opening every now and then. It is safe to say that the cryptocurrency market is quite a large one.
Common Cryptocurrency Scams in Australia
From the hundreds of cryptocurrency scams that are lurking in the market, we will discuss below a few and explain the way they work.
Fake Websites
Has it ever happened to you that when you click on a legit-looking website a series of other web pages open up claiming that your device has contracted a virus or showing inappropriate advertisements? This is how scammers work. They usually create websites strikingly similar to legitimate websites in order to trick customers. Look out for websites that do not have a lock symbol in the URL bar and stay away from such sites. Scammers create these fake websites and ask for payments. When the innocent victim transfers funds, the scammers provide them with fake excuses before stealing their money and fleeing with it.
Fake Apps
Another way in which scammers prey on their victims is by designing fake mobile-based apps. These apps are usually a copy of or very close to a legitimate one. A similar technique is used by scammers in spoofing legitimate websites. These apps pretend to be the mobile version of one provided by a legitimate cryptocurrency firm, but with a minute difference or spelling mistake in the logo or the name of the company. This way, the legitimate company cannot sue them for stealing their identity and many people will download the application, mistaking it to be the real one.
Cold Calls and Scam Emails
This is yet another technique that is quite prevalent among scammers and cybercriminals. In such scams, the scammer usually acquires phone numbers and email addresses of people through data breaches and the dark web. They then proceed to send these people messages or convince them over call to invest in their company while giving them a big offer that is hard to say no to. The poor victims agree to all of this thinking it is all true.
How to Avoid Crypto Scams in Australia
As simple as these scams sound, it is equally deadly if it were to happen to you. One wrong step and you are at risk of losing every penny of your hard-earned money to these scammers. We, at Fundrecovery Australia, have specially curated a list of points on how you can avoid cryptocurrency scams:
- Don’t respond to people coercing you to deposit money.
- Don’t reply to emails claiming you have won a prize.
- Always make payments through websites that have a lock symbol in the URL bar.
- Always look for a valid licence from a regulator before investing or trading.
- Always do proper research before investing your money.
What Does Fundrecovery Australia Do?
We at Fundrecovery Australia know how it feels to lose all of your money one day and not being able to do anything about it. To help you out, we have a team of researchers and experienced traders who will help you get your money back. If you have been a victim of any cryptocurrency and want to retrieve your hard-earned money, we are here to help you out. File a complaint with us and we will guide you through the fund recovery process. To know more about other scams, read our reviews on Binary Options Trading Scams, and Bitcoin Scams, among others.
