There is risk of fraudulent activities due to the rising number of bad actors in any financial ecosystem. Therefore, it is essential to practice caution in this very nascent industry to avoid falling prey to crypto scams.
Below are some tips that will guide you on how to identify crypto scams:
- It is mandatory to do your own research on whether a platform or organisation is legitimate, even if it was recommended by your peers.
- Platforms with multiple engagements and users don’t automatically qualify to be legitimate. This could also be an effect of fake or bots generated accounts.
- Platforms with unrealistic offers and promises of questionable returns are more likely to be scams.
- For platforms that claim to be in collaboration with well-established organisations, such as Visa, Mastercard and Amazon, always check the official websites and social media handles of the collaborators before engaging with them.
- Before you join any organisation’s WhatsApp and Telegram community, kindly verify its legitimacy in advance.
- Avoid clicking on every advert that claims to give crypto rewards once you have completed simple tasks. For example; “Click on the link below to sign up and earn crypto”.
- Do not share your account’s login credentials or password to anyone. Once someone gets access to your security credentials, they have access to your crypto.
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