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Cryptocurrencies are gaining ground in Australia, but with their rise, there’s a concerning surge in sophisticated crypto scams. These scams, which can be especially perilous for newcomers, come in various forms, from deceptive Ponzi schemes promising unreal profits to intricate phishing attacks aiming to steal sensitive data.
In 2022, Australians lost 221.3 million Australian dollars ($148.3 million) to cryptocurrency-based investment scams, marking a significant 162.4% increase compared to the previous year, 2021. This highlights the pressing need for increased awareness among the cryptocurrency community.
To safeguard your investments and personal information, it’s essential to stay informed about the latest scam tactics in the crypto world. In this article, we will discuss how to spot and avoid cryptocurrency scams.
Cryptocurrency is a digital asset that you can buy with your phone, computer, or a special ATM. Famous ones include Bitcoin and Ether. Cryptocurrency uses a decentralised setup, which means they’re not under government or central authority control. Cryptos gained popularity due to cheaper, quicker money transfers and decentralised systems that don’t break down at a single point. However, this popularity comes with a mix of advantages and disadvantages of cryptocurrency that investors should consider.
The popularity of cryptocurrencies has also led to an increase in crypto scams. Scammers often try to obtain private information, like security codes, or deceive people into sending cryptocurrency to a compromised digital wallet. Examples of scams include giveaways, phishing attempts, extortion emails, fake company alerts, blackmail schemes, “rug pulls,” and may even involve fake mining apps or networks.
Scammers in the crypto scene are pretty clever. They’ll go to great lengths to trap you or get your personal info. That’s why many crypto scams involve impersonation and carefully crafted lies, tailored to their target. The most common crypto scams these days include:
When it comes to cryptocurrency scams, there are several obvious signals that you’re going to be fooled. Watch out for the following:
Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know:
Cryptocurrencies offer exciting chances, but you need to be careful and smart when dealing with them. In the world of crypto, there are two main types of scams: one where scammers trick you into sharing your account or security info, and another where they persuade you to send your cryptocurrency to a fake wallet.
To protect yourself, it’s essential to learn about these common scam methods and always be cautious when investing in cryptocurrency. So, remember, keep learning, stay cautious and choose carefully when it comes to crypto. Enhance your understanding by exploring how to invest in cryptocurrency, ensuring informed decisions in this dynamic field.
The information presented on this website is general information only. It should not be taken as constituting professional advice from the website owner – NGS Crypto PTY LTD (NGS Crypto). Any information regarding past performance and returns contained on this website should not be construed or interpreted as a prediction or opinion as to future performance and returns. NGS Crypto is not a financial adviser. All views and observations expressed by NGS Crypto on this website are for information purposes only, are general in nature and should not be treated as investment or financial advice of any kind.