We’ve all heard about crypto scams. Hardly a news cycle passes without another digital currency fraud hitting the headlines. The problem has gotten so severe that many people ask, “Is crypto a scam?”
To make one thing clear – digital currencies aren’t inherently fraudulent. Individuals and businesses use them daily without any scandal or allegations of wrongdoing. In fact, cryptocurrencies are increasingly becoming an acceptable form of payment for goods and services.
However, it can’t be denied that many fraudsters take advantage of the anonymity of the blockchain and the lack of regulation of digital assets to get away with bitcoin scams.
Crypto scams have grown by leaps and bounds in recent years. In 2021, crypto scams stole a record $14 billion according to CNBC. The number of these frauds grew by 79% over 2020 and the numbers keep going up.
The best way to protect yourself against crypto scams isn’t necessarily to avoid digital currency altogether but to familiarize yourself with the different types of bitcoin frauds and crypto recovery services that can help keep your money safe on the blockchain.
The following crypto scams list describes the most common types of bitcoin frauds:
What would we do without WhatsApp? We use it for work, to communicate with family and friends and for group messages. However, one problem with WhatsApp is that it isn’t regulated closely and it is relatively easy for spammers to infiltrate groups.
People who run crypto scams tend to meet people on social media and suggest switching communication to WhatsApp. The reason is that there is less oversight on this platform and they feel they can get away with their swindles more easily.
One of the best ways of making money is to make it. This is certainly the philosophy behind crypto mining. Crypto is created through complex problems solved by computers. People who aren’t math or computer whizzes may look for a crypto mining service to make some extra money.
A lot of these crypto mining schemes are actually crypto frauds. Be careful and use only licensed services.
People look for love online, but they may end up getting their pocket picked. The best way to avoid crypto romance scams is to be careful who you meet online and avoid people who ask you for crypto loans. Love and money often don’t mix well.
NFT or non-fungible tokens are used to protect intellectual property, such as artwork, documents and trademarks. However, there are plenty of fake NFTs around. Approach NFT buying and investing with caution.
It’s easy to hide on social media. Although these platforms are trying to be more careful about preventing fake profiles, there are still many imposters on Facebook and Instagram. The false identity gives crypto scams a means of luring people in and giving them false assurances about the deals they offer.
USDT or Tether is one of the most popular forms of cryptocurrency. Unfortunately, there are many crypto scams associated with USDT. One of the most common is phishing scams. You may receive a message claiming that you’ve won a huge amount of USDT and you need to click on a link to claim it. However, the motive behind getting you to click is to phish private information and to steal your codes and keys.
Taking precautions will help you avoid losing money to the biggest crypto scams. What if you’ve already been the target of these frauds? The answer is crypto recovery.
There is a common belief that crypto recovery isn’t possible. This isn’t true. There is confusion over the term bitcoin chargeback. Unlike credit card transactions, bitcoin transactions can’t be reversed or canceled. The only way you can get your money back from a crypto transaction is to approach the recipient and demand it back. This isn’t going to work if the other party is fraudulent.
However, the other party can be forced to give you back your money if you get the authorities involved. To do this, you’ll need a thorough crypto investigation report detailing how you lost your money and providing proof that the other party is fraudulent.
How do you get a crypto investigation report? Consult with MyChargeBack experts. We will get you started on the crypto recovery process by consulting with you, launching a crypto investigation, drafting a report, and mapping a strategy to help you retrieve your funds.
If you have lost money to financial fraud, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim and get you started with fund recovery.
MyChargeBack has developed working relationships with law enforcement agencies worldwide, has extensive knowledge and experience with crypto tracking, and can improve your prospects of getting your funds back
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MyChargeBack regards phishing and spoofing attempts against our clients very seriously. We advise you to verify that the email you receive from MyChargeBack is indeed sent from mychargeback.com. If you are sent any type of communication carrying our name that looks suspicious, please forward a copy to us at [email protected]
