Cryptocurrencies are digital assets that use cryptography and a decentralized network to securely transfer and verify transactions. They have value because people are willing to exchange real goods and services for them.
The most popular cryptocurrency is Bitcoin. Despite its popularity, it is not without its problems. From phishing scams to malware-ridden wallets, it is important to be aware of what’s out there and be smart about your money.
Fake Bitcoin wallet balance
Whether you’re new to the world of cryptocurrencies or an experienced investor, it’s best to be aware of scams and ripoffs before you hand over your hard-earned cash. Australians are among the most susceptible to crypto-related fraud and have lost 242.5 million dollars this year alone.
Fake coin & Bitcoin wallets
The scammer will email you a fake QR code that looks like it belongs to a genuine crypto service, prompting you to scan it with your smartphone or tablet camera to access your crypto accounts. You’ll be asked to pay a withdrawal fee and provide your crypto wallet details, which are purportedly used to transfer the coins to your bank account or wallet.
How to recognize a scammer and avoid losing your money
Fortunately, there are many tools and tricks to help identify and prevent fraud. These include reading your emails to identify suspicious ones, scanning your credit cards for malware and avoiding crypto-related scams in the first place. If you see the aforementioned shady-looking email, ignore it and call your local police department or federal law enforcement.
