PointPay Experts: How to Avoid Cryptocurrency Scams on Social Media

Even though social media is not the number one cryptocurrency scam, it indeed is rife with fraud. Unfortunately, crypto scams are social media’s latest crisis. Experts and developers from PointPay have not only done their best to make the platform safe and secure to use but also continue sharing practices for avoiding cryptocurrency scams.

It seems like some social media platforms, mainly Twitter, Telegram, and Instagram, have become the go-to place for fraudsters and attackers to make profits. About $800 million of losses from social media scams were reported to the Federal Trade Commission last year. Unfortunately, this is a huge jump from 2017 in terms of monetary losses and overall fraud reports. PointPay experts assure us that in 2022, traders and investors should be even more careful. Here are some ways to protect yourself from common social media crypto scams.

Technical support crypto scams

Scammers often set up fake customer support phone lines and impersonate different companies, including well-known cryptocurrency exchanges. They are even ready to pay for it to appear in your first Google search results. When you contact them, fraudsters offer to resolve your problem while asking for your personal information. Unfortunately, these scammers are skilled enough to make false claims and manipulate their target into providing personal information.

With that in mind, you should never give support staff remote access to your laptop or computer, as it effectively gives fraudsters full access to your entire digital life. What is more, never give out your 2-Factor Authentication security codes or passwords. For example, PointPay staff will never ask you to share sensitive authentication credentials.

Giveaway scams

Scammers often use social media platforms to perpetuate giveaway cryptocurrency scams. They create fake Twitter, Facebook, or Telegram handles impersonating media personalities or crypto-related companies hosting a giveaway. However, to participate in such a ‘giveaway,’ you must send a certain amount of cryptocurrency to a specified address. Keep in mind that PointPay will never ask you to send crypto to any address to receive your money back.

Never send your cryptocurrency under the guide of wallet address verification, and always be skeptical of all giveaways found on social media. Remember that if an offer sounds too good to be true, it probably is. Try to find more information about a giveaway, and check the giveaway URL to make sure it directs you to an official website.

Fake verified accounts

Another common trick scammers use is taking advantage of the trust signals that social media platforms utilize, such as that Twitter blue checkmark. Fraudsters can easily create profile pictures that include a checkmark or even use a background to incorporate a blue check at the right place to look authentic.

When you hover over the checkmark, Facebook accounts display a message: “Facebook confirmed this is the authentic profile for this public figure.” Instagram-verified accounts have similar marks, however, without these pop-ups. Of course, you should also always check the number of followers, comments, and overall account activity to know if the account is real or fake.

However, we all should be the most careful with Twitter giveaways. There have been instances where scammers have managed to breach the social platform’s security and disseminate giveaway scams through official Twitter accounts. This happened to Kayne West, Barack Obama, Apple, and Uber official accounts.

YouTube live videos cryptocurrency scams

One growing cryptocurrency scam on social media utilizes YouTube live videos. With a YouTube live crypto scam, attackers record a live streaming video, portray themselves as crypto analysts or experts and post a link to a “giveaway” in the video’s description, where victims are asked to send their tokens. Scammers avoid YouTube’s content review process until the video is over by using the Live feature.

The best way to avoid a YouTube video scam is to do your own thorough research. Check how many videos the channel has, whether it has YouTube’s gray verification badge, and how long the channel has existed. You can find this info in the “stats” section. If the channel is new with not so many followers, give such a giveaway a miss.

Classic catfishing

Since cryptocurrency became extremely popular and crypto scams have been rife throughout the industry, dating apps have also become open doors through which fraudsters can access victims and their crypto. The thing is, people on dating apps and websites are usually looking for love. That’s why they are willing to let their guard down more than they usually would.

Beware of this new wave of catfishes trying to steal your crypto by sending you direct messages. If someone sends you a link with some interesting offer, do not click on that link. Unfortunately, most such DMs are cryptocurrency scams. Always thoroughly check Twitter and other social media platforms accounts to find out the truth. When you deal with crypto, it’s extra important to do your due diligence and exercise caution.

Final thoughts

As with all types of crypto scams and fraud, protecting yourself comes down to keeping your sensitive data secure and staying cautious. Remember that PointPay and other legitimate companies will never approach you asking for money, and you shouldn’t send your crypto to strangers.

Stay safe with PointPay!

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