Crypto Fraud Has ‘Exploded’ in 2021. Will 2022 Be Any Better? PointPay Experts Explain
Crypto scams had a record-breaking year in 2021. The ‘2022 Crypto Crime Report’ found that fraudsters took around $15 billion worth of cryptocurrencies last year. It has almost doubled since 2020. Despite the emergence of new protection methods, cryptocurrency scammers have taken notice of new opportunities for fraud and illicit activities.
2022 seems to be on track to be even more costly, with crypto fraud playing a leading role. Even though the high-tech nature of crypto continues attracting fraudsters, it is still possible to trade on the PointPay platform and feel safe and secure without thinking about fraud.
Don’t forget that the cryptocurrency market is built on reputation. Therefore, before investing in any project, you should carefully study it and don’t make any rash decisions. Today, we will share more tips on not becoming a victim of a cryptocurrency scam and making 2022 a better year for all investors worldwide.
Protect your crypto with PointPay
Watch out for the following warning signs:
- Misspellings in emails and on social media posts
- Promises to multiply your crypto or give it for free
- Blackmailing and extortion
- Promises of big payouts with guaranteed returns
- Big claims without any explanations
Do your research
Instead of following advice from cryptocurrency experts, investors, and media personalities, you should first check everything yourself. When it comes to your money, doing your own research is necessary. The so-called Do Your Own Research (DYOR) rule aims to reduce the number of uninformed crypto investors. Remember that if some information you found sounds too good to be true, it is probably a cryptocurrency fraud. Stay curious and suspicious!
Pick the right crypto exchange platform
All trading platforms offer different services and fee structures. Therefore, it is imperative to compare each exchange before choosing the right one. Always visit the exchange’s website, read terms of service, check trading pairs, fees, if the exchange supports fiat currencies, and other important information.
For example, PointPay can be called one of the most promising crypto trading platforms of 2022. It is perfect for both experienced investors and new users who have only started trading. Check PointPay Medium and the official website for more information.
Don’t share your private key and enable 2FA
Don’t trust anyone, including government officials, public figures, and people you met online. Never share your private key or a seed phrase with anyone, and store all the confidential information somewhere offline. Also, always come up with unique and secure passwords for each of your accounts, and then put two-factor authentication on top of those for even better security.
Other things to do
- Install AntiPhishing code or its equivalent if the platforms you are using support this functionality
- Set up IP whitelisting for your account
- Do not invest in recently launched projects that have no information about the team and investors
- Make sure you download files from a trusted source
- Always make regular security updates for your operating system
- Download applications and the updates only from official websites
Final thoughts
As you can see, protecting yourself from crypto fraud comes down to keeping your data secure and eyes open. Legitimate platforms won’t ask you to send money. Remember to be wary of those projects with very little visibility that appeared out of nowhere. Just because a new token is displayed on some platform doesn’t guarantee it’s not a crypto scam.
Stay tuned for more news, reviews, and PointPay tips on how not to be scammed!
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