Whether you are a newbie or a seasoned investor, you need to be aware of fraudulent Etherium brokers. These scams are designed to take advantage of your hard-earned money and leave you with nothing but grief. Here are a few tips to help you avoid them.
Phishing scams
Several fraudsters are targeting Tether and Ethereum owners through Phishing scams. This is a type of scam in which a scammer pretends to be a legitimate company, such as a bank or utility provider, and tries to trick people into buying crypto coins. These scams can result in large losses, so it’s important to be careful.
Phishing scams involve fake websites that appear to be legitimate. They may ask you to click on a link or enter your login credentials. The scammer then tries to steal your security details. In some cases, the scammer may use malicious software to encrypt your data. Then, it’s possible for the scammer to take over your wallet. If you decide to send them money, you’ll lose your funds forever.
Exit scams
During the ICO boom of 2017, crypto exit scams emerged as a major threat. This new form of forgery is known for heavily promoted offerings and extravagant return projections.
Cryptocurrency exchanges are often the target of scammers. A typical scam involves the abrupt disappearance of the founders of the exchange. The funds may be taken with them.
The first quarter of 2019 saw a total of $1.2 billion worth of fraud. Many of these were Ponzi schemes. There are many more Ponzi schemes popping up all over the world. This is why you need to be careful when investing in ICOs.
The first thing you should do is check the credentials of the team. You should look at their employment history and their connections in the crypto industry. You should also investigate their social media presence.
Signs of a hacked crypto account
Whether you are using a crypto wallet, a bank account or both, there are certain signs to look for if you think your account has been compromised. If you do not notice any of these, you might be at risk of losing all your cryptocurrencies. If you do notice these signs, you need to take action immediately.
First, contact your bank and cancel the cards linked to your crypto wallet. You can also set up notifications to be notified if any nefarious transactions are made. This will help you catch nefarious transactions as soon as they happen. If you suspect your account has been hacked, it is recommended that you create a new wallet and transfer all your coins to it. Then, change your login details and activate two-factor authentication.