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Email Scam

One of the main scams in the bitcoin space is the email scam. Every day new emails are sent to random people including brokers and investors. They ask for financial details and they charge a hefty fee for the procedure. In the case of forex brokers, the emails will tell you that there are some delays in your trading activities and that you need to pay some fees to release your account. There are even fake emails which ask the users to send money via wire transfer so that your account can be released on time. Here is a list of Top 5 email scams used in the bitcoin space.

Bitcoin Pyramid Scam

The Bitcoin Pyramid scam has become an international success and it is used by hackers all around the world. It is an old scam which has been used since the past decade. If you fall into this scam youEmail scams are one of the most common types of scams today. This scam tries to get your private details of your life. It sends out an email, claiming to be from a friend or an important partner or office. This email will promise you to reveal important information that they keep about you or for others who will also be reading the same mail. Most of these emails will also have attachment that will have sensitive information like bank details, credit card numbers and other personal details. You need to be very careful when you are tempted to click on any link that may lead you into a bitcoin, forex or bitcoin exchange website and click on any attachment. This is the safest way to avoid this kind of scam.

Vishing Scam

Vishing is also known as voice phishing. Vishing scams is the first type of scam that is most widely used in Malaysia. With vishing scam an unsuspecting victim receives a call from a person who claims to be a police officer or another authority official. The person tells the victims they have committed an offense by failing to carry out some banking transactions. The scammer asks the victim to wire some money to a specified account and the victim is asked to do it right away otherwise the case would be escalated to higher authorities. The victim is made to feel very scared and shocked. The person on the other end of the phone also uses sarcasm and tries to extract the victim’s confidential information. When the victim rejects to cooperate or send the money, the victim is still warned that if he doesn’t do so, it would negatively.

Boiler Room Scam

This type of scam is very popular and is a branch of frauds that is based in the US. This scam has several common characteristics that are used to convince traders that they are trustworthy. It always has a convincing deal that they are making and makes them believe in their scam. The boiler rooms buy and sell at huge profits which looks convincing and looks like an easy deal to make. The scammers are not only selling but also buying and their price is stable and visible online. The customers are told they will not lose money but some customers end up losing more than the amount they invest.