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It’s no secret that cryptocurrencies are attracting many new investors these days. Online scams surrounding cryptocurrency are also starting to pop up more frequently, but they are not limited to crypto-related advertisements. Scammers will often trick people into believing they’re getting a call from an official entity related to your issue, such as your bank. Bitcoin scams are difficult to revert so make sure to stay away from the scam from the very first point. There are different scenarios where you find yourself helpless and bitcoin scams need professional assistance and resources to get

How do Bitcoin scams work?

Here’s an easy example to show how bitcoin scams work. Imagine that a customer has several different transactions with the same person on the same day and you have some information about him. You then send that information to the customer so he can rectify the situation. But before he can follow your advice, you receive another message from the same person who claims that there are five other transactions with your name on the same day. This person also claims that his bank has a fraud department and he is not the only one in trouble. You know this message is not real and you even try to reach the bank’s fraud department to understand what is going on but you can’t because their lines are either disconnected or busy.

Why is it hard to revert bitcoin scams?

Bitcoin scams are also difficult to identify because they tend to change their names frequently. For example, a scammer could be tricking you into purchasing a fake bitcoin using the name of a well-known bitcoin exchange, or a cryptocurrency related fund or a company related to a particular investment. Scammers will also sometimes keep asking you to pay an upfront fee before proceeding with their “payment plan” or “risk-free” claim. They might even promise you 50% returns after a short period of time. Do not pay any fees to someone who promises you these returns. Finally, there is no substitute for professional help. If you find yourself caught up in a bitcoin scam, do not send any money unless you want to lose it all.

What are the signs of a bitcoin scam?

If the fraudulent call happens on your mobile phone number, you can’t simply hang up and hope it goes away. You’ll have to report it to the provider. The caller asks you to pay through gift cards or cryptocurrencies. The caller impersonates a representative of the support team at the bank you are about to complain. The caller demands money without a clear mention of the subject at hand. He or she never asked for money before and asks you to send them money without giving a clear promise of making payments or transferring the funds to the right bank accounts. The caller never received a notification of funds left in the target account. The cryptocurrency company you visited is a fake and you will never be able to pay them back.

Common Bitcoin Scams and How to Avoid Them

One of the most common Bitcoin scams is receiving a message like the one below. “Dear sir, If you can read this message, I am stuck at the airport with $50,000. I have to get to Zurich, Switzerland. I don’t have enough money and the people in Zurich will not help me. If you know anyone that can help me, please, give me a call. Thanks, have a good day.” The message comes from a well-known online scammer. He has made thousands of dollars from thousands of unsuspecting people. It is important to understand that it is illegal to ask for such information. This type of fraud usually uses one of the following variations of a common text message scam. 1. The scammer contacts you through text messages.

Conclusion

Bitcoin scams usually create a sense of urgency in the conversation and may provide all sorts of information they want you to hear. If you’re not sure if the caller is a scammer, just hang up and call them back. Don’t let yourself get tricked into giving out any information or payments just because you’re desperate. If you’ve been tricked or taken advantage of by a bitcoin scammer, make sure to tell someone you trust, such as your parents, close friends, or an investment advisor. This will ensure that you get your money back and also help you avoid being victim to the next bitcoin scam.