Scams have been around since the beginning of currency, with people always looking for ways to cheat others out of their possessions or get something for nothing. It can be difficult to identify scams related to blockchain, crypto, wallets, platforms, or cryptocurrencies, especially if you are not familiar with these concepts. In his podcast, trader with years of experience Jack Evans talks about these concepts and how to avoid cryptocurrency scams. In order not to become a victim of scammers and not lose your cryptocurrency, it is important to follow these tips:
- Be cautious about who you trust. Do not take financial advice from unqualified individuals, such as celebrities or internet forums.
- Scrutinize everything. Beware of emails, texts, or phone calls from shady sources. Verify the recipient address, formatting, and content for any signs of fraud.
- Use multi-factor authentication wherever possible. This is an extra verification step before accessing your crypto, adding another layer of protection.
- Secure your crypto wallet. Choose a reputable company for your wallet and never share your credentials with anyone.
- Do not share your personal information. This includes usernames, passwords, security codes, private keys, and recovery passphrases. Always protect your information to avoid becoming a victim of crypto scams.