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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Over The Holidays, There Will Be An Uptick In Cryptocurrency Scams; Be Aware Of Them To Avoid Being Duped.

cryptocurrency scam - Image from pixabay by mokliom
cryptocurrency scam - Image from pixabay by mokliom cryptocurrency scam - Image from pixabay by mokliom
cryptocurrency scam - Image from pixabay by mokliom
cryptocurrency scam - Image from pixabay by mokliom cryptocurrency scam - Image from pixabay by mokliom

Every year, as the holiday season approaches, we must also be vigilant for fraudsters who might try to spoil the fun. This is because con artists are more active over the holidays and prey on us when we are less vigilant. Cryptocurrency scams are always on the rise during holidays, because they know that is the time people are investing a lot.

Thanks to scammers, Australians have already lost substantially more money this year than in 2021, having lost about half a billion dollars. Around $300 million of these losses were attributable to investment or cryptocurrency fraud.

These con games have advanced significantly, and thieves are now less selective in who they prey upon. Recent victim demographics demonstrate a broad range of backgrounds, a more even distribution across multiple age groups, and an almost even split on gender, which reflects this.

So, how can you recognize these con games, and where can you turn for assistance if you’ve been duped?

If something seems too good to be true, it probably is.

The majority of cryptocurrency frauds ask their victims to purchase and transfer cryptocurrency to the fraudster’s account in exchange for what seems to be a reliable investment opportunity.

For this kind of crime, cryptocurrency is the preferred medium of exchange because it is unregulated and untraceable, and transactions cannot be undone.

Such frauds use a variety of techniques to find their victims, including:

  • Scammers are posing as investment managers who claim significant returns on investments in cryptocurrencies. They coerce the victim into sending over money so they can flee together.
  • Scammers frequently “pump and dump” a new cryptocurrency or an NFT project to inflate its value. The con artists sell their interest once enough victims have invested, leaving them with useless bitcoin or NFT.
  • Scammers will communicate with you on dating sites, social media, or in direct messages to earn your trust before pitching you on a lucrative investment opportunity or requesting cryptocurrencies to pay for medical or travel bills.
  • Phishing scams are a tried-and-true method of defrauding people of their personal information by sending them threatening emails or messages with links to phony websites that promise enormous returns on investment.
  • Ponzi schemes are a sort of investment fraud in which the con artists utilize bitcoin obtained from numerous victims to return some of them at a high-interest rate; as the victims add more money, the con artists make off with all the investments.
  • Mining fraud: Scammers attempt to persuade victims to purchase cryptocurrencies so they may use them to mine more, but in reality, no mining is taking place; instead, the fraudsters make transactions that appear to be returned on the investment. As the victim invests more money, the con artists keep stealing it all.

Although scamming techniques develop and advance, the warning indicators essentially stay the same:

  • Exceptionally high profits with guarantees of little to no risk, as well as proprietary or covert methods to acquire an edge
  • Lack of liquidity; monies must first accumulate a certain quantity before being released.
  • Where to go for assistance if you’ve been conned

What you should do next if you believe you are a victim of one of these frauds is as follows:

  • As the ScamWatch website suggests, report this to the Australian Competition and Consumer Commission (ACCC) or contact the appropriate authorities.
  • Tell your friends and relatives about the fraud; they can be a source of comfort and support at such times if you seek out them.
  • It would help if you spoke with your GP, a health care provider, or someone you trust because these occurrences may have psychological repercussions.
cryptocurrency scam - Image from pixabay by xresch
cryptocurrency scam – Image from pixabay by xresch

For assistance and support, you can also get in touch with counseling programs like LifeLine, beyond blue, Suicide Call Back Service, Men’s Line, and others. Please remember that assistance and support are accessible in challenging circumstances.

Finally, remember the following recommendations to avoid becoming the latest statistic throughout the holiday season:

If in doubt, consult an expert or look up resources online (don’t believe any links the scammers send you). Avoid disclosing personal information to strangers online or over the phone. Only invest in something you fully understand.

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