According to an article published in TIME magazine in 2021, con artists stole bitcoin valued at $14 billion. This number was nearly double the amount that is take in 2020, which was a staggering $7.8 billion. The number of instances of fraudulent financial activity that are reporting increases annually. This high rate has a direct correlation to the fact that our day-to-day lives are extremely reliant on technology and that we are presently residing in a world that is becoming increasingly digital. As a direct result of this, con artists have devised innovative strategies to take money from unsuspecting victims while concealing their identities, making it more difficult to track them down. Even if there have been technological breakthroughs, there are still vulnerabilities in the system that con artists may use to their own benefit. This leaves financial transactions open to the possibility of being fraudulent.
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The Top Three Reasons Why Investors Get Taken in by Crypto Scams
- Insufficient knowledge of trading and cryptocurrencies
- insufficient experience in trading
- want to make a lot of money in a short amount of time
Scammers take advantage of the three reasons provided above and use them to get individuals to invest their money with them by promising huge returns on their money with no risk involved. On the other hand, novice traders might not be familiar with some characteristics of cryptocurrencies. To begin, cryptocurrency is a component of a market that is very volatile, which means that its value is always shifting. This aspect gives the impression that dangers are involved, and it is not a guarantee that a large return would be obtain from the investment. Second, it is what’s known as a “decentralized money market,” which means that it is not under the role of a single entity such as the government. As a result, you run the risk of incurring financial losses when you trade.
How can you protect yourself from being a victim of a bitcoin scam? to avoid falling for fraudulent schemes, the first step is to be able to recognize them when we see them.
How to Recognize and Avoid Crypto Scams
- A demand for the use of cryptocurrency as a payment mechanism rather than the conventional paper cash.
- The “private keys” that are require to access bitcoin that is keep in a digital wallet have been request to be share
- Guarantees of profits with no exposure to risk
- Assurances of significant gains in a very brief time
- Guarantees of financial gain at no cost
- Unsolicited communication regarding potential investment possibilities by e-mail, messaging, or social media.
- A lot of pressure is on them to make investments right away or within a certain amount of time.
- An excessive reliance on testimonials and endorsements from famous people in order establish credibility
Additional Information
In addition to keeping an eye out for these telltale indicators of a cryptocurrency scam, you should also conduct your own independent investigation. For instance, you may look up the fundamentals of trading cryptocurrencies, reputable platforms for trading, and the most typical types of crypto scams. You will become more self-reliant of the knowledge you glean from the study, and you will have a lower risk of falling for the incorrect information offered by con artists, which can result in financial losses. In a similar vein, it is best to go with your instincts while dealing with such issues. If the investment opportunity gives off the impression that it is too good to be true, such as the huge returns on investment that was discuses before, then it is most likely a hoax.
Are You Target of a Fraudulent Cryptocurrency Scheme?!
What would happen if you were unaware of the methods that con artists employ to defraud others of their money? Don’t be concerned since the exact answer to your problem may be find in this article: Ezchargeback! It is a business that offers free counselling on several types of frauds, including but not limited to crypto scams, CFD trading scams, and many more. Once you have completed the contact form on their website and submitted it, they will have a group of highly skilled individuals get in touch with you.
You should familiarize yourself with the following list of the most prevalent frauds using cryptocurrency:
- New Coin Scam Mining Scheme Scam
- Celebrity Endorsements
- Scam Using Phishing
- Fraudulent Cryptographic Technical Support Scheme
What are the following steps to take?
You may have recognized probable cons and been successful in avoiding them; but this does not harm the con artist in any way, and they will not suffer any penalties your actions. Therefore, the next action that you should take is to denounce the con artist to the appropriate authorities. The following is an authorized list of organizations that are concerned with fraudulent internet trading:
- The Federal Trade Commission at ReportFraud.ftc.gov
- To file a complaint with the Commodity Futures Trading Commission (CFTC), visit CFTC.gov/complaint.
- The website for the United States Securities and Exchange Commission (SEC), which may can found on sec.gov/tar.
- Action Fraud at actionfraud.police.uk.
Are You the Unwitting Target of a Fraudulent Cryptocurrency Scheme?!
What would happen if you were unaware of the methods that con artists employ to defraud others of their money? Don’t be concerned since the exact answer to your problem may be find in this article: Ezchargeback! It is a business that offers free counselling on several types of frauds, including but not limited to crypto scams, CFD trading scams, and many more. Once you have completed the contact form on their website and submitted it, they will have a group of highly skilled individuals get in touch with you.
Conclusion
There is a specialized group on hand to deal with each individual facet of the investigation; for instance, there are data miners who are task with gathering evidence and legal experts who are responsible for bringing a lawsuit against the con artists. After the initial point of contact, the firm will assist you in constructing a legal case by gathering proof that the fraud was perpetrate upon you. In addition, the organization is honest and moves at a reasonable pace throughout the entirety of the procedure of returning your money to you. Because of this, your money may be recovering quickly and easily with EzChargeback!