PointPay Experts About Phishing Scams. How to Recognize and Avoid Them?

The rising value of crypto and hype around it seem to promise unbelievable returns for investors, traders, and crypto enthusiasts. It can be compared to the 1850s gold rush. However, it is very easy to fall victim to cryptocurrency scams in this unregulated crypto world. PointPay, a trustworthy online crypto exchange that also serves as a unique platform to provide crypto banking, states that the common rules for cryptocurrency scam prevention should also apply here. All the information you read online should be carefully verified, and by avoiding believing the hype, everyone has all the chances to trade crypto and stay safe.

PointPay often writes about the types of crypto scams and how to avoid becoming a victim of fraud. Today, let’s dig in and find out more about phishing scams.

PointPay experts about phishing scams

Phishing is one of the most common and popular crypto scams among fraudsters and attackers. But, just like another classic cryptocurrency scam, pump-and-dump, it is not specific to digital currencies. So how does a phishing scam work? In brief, it is simply tricking the users into revealing sensitive information, including passwords and private keys.

Phishing crypto scams usually come via email or social media platforms like Facebook, Telegram, and Twitter. Fraudsters send emails and messages asking for users’ credentials. PointPay experts want to remind you to never click on any random links you see in your emails or Facebook Messenger application. Scammers can promise so-called yields in return for your private data, but of course, it’s not true. If an offer looks too good to be true, it usually is.

Always double-check Discord IDs and Twitter handles. Make sure all the links are accurate and verified. Of course, thorough research means spending extra time, but it is definitely worth it.

Pay attention to the following warning signs and red flags:

• A stranger sends you a message describing an exciting cryptocurrency investment opportunity.
• An announcement claims that the investment involves absolutely no risks and high profits.
• Emails and social media messages claim to be from a media personality, a government agency, or an official crypto exchange, like PointPay.

Avoiding phishing crypto scams

PointPay experts are sure that it is possible to avoid cryptocurrency scams and enjoy safe trading. What is needed is to be cautious and do research from your side. Always understand the risk, and resist pressure to buy right now. Crypto scammers and fraudsters often create a false sense of urgency around an offer or an investment opportunity. Do thorough research and carefully read any agreement with a wallet provider or a cryptocurrency exchange.

It is better not to put your money in a virtual currency if you don’t understand how things work. Never speculate or invest virtual currencies on the advice of someone you’ve met online. Be careful who you trust! Don’t share your logins, passwords, and private keys; keep all the sensitive data in a secure place.

Even though cryptocurrency scams can be called the latest crisis, and the problem is pretty bad, the entire crypto industry is still one of the most exciting areas that offers huge investment opportunities to traders and entrepreneurs worldwide. Just follow the above-mentioned security tips and trade safely with PointPay!

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