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How to avoid fraud in the world of cryptocurrencies
Dangers are lurking everywhere, so we should minimize the risk of their occurrence, in every aspect of our lives. Even more so if we think about our investments or the funds we accumulate in bank accounts. We are all familiar with phishing attempts using the BLIK method, or receiving a suspicious request to make a purchase by clicking on a "special link."
We think we have to be very naive to fall victim to a similar crime, but nothing could be further from the truth. Sometimes all it takes is one careless step and we can lose our for invested funds, such situations also happen in the world of virtual currencies.
You're probably asking yourself, how is this possible if the world of cryptocurrencies is called very safe? The human factor comes into play here and our tendency to want additional income. However, we must remember that the world of virtual currencies is relatively young and therefore not every user understands the mechanisms in it. This is a perfect field for all sorts of online scammers, who are already so advanced that they create special bots.
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They are programmed to search the Internet for content on, for example, bitcoin, Bitcoin ATMs and all sorts of other topics related to virtual currencies. The scammers then use a variety of methods, from trying to extort the key to cryptocurrency wallets to modifying those keys, for example, when sending screenshots. As members of this world, we should be aware of both the risks and the alternatives, so it is worth knowing which content to pay special attention to, which to skip and how to defend ourselves from, for example, having our cryptocurrency wallet hacked.
Statistics from Australia speak for themselves
In Australia, one million investors had to deal with the theft of their private information, which was hacked from Medibank Private and Optus. At the same time, around the world, the financial industry was confused and concerned, the collapse of the giant cryptocurrency exchange FTX. That's why, in February, authorities warned Australians to remain vigilant against scams operating in cryptocurrency markets. According to ASIC's vice president, Australians lost more than $710 million to investment fraud in 2021, a 135% increase from the previous year.
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To quote a representative of the authorities, "The main driver of the increase was cryptocurrency investment scams, in which losses increased by 270%." In Poland, an active campaign warning against scam and online fraud is the producer Bitcoin ATMs shitcoins.club. They have reported several times on their social media to watch out for suspicious comments and messages, and people who want to help withdraw funds from cryptocurrency ATMs.
In our previous article about scammers using Bitcoin ATMs, you will learn how to avoid bitmate scammers' tricks.
How to spot a scam in the world of cryptocurrencies?
We can broadly categorize fraud related to the virtual currency market into three types:
- - Scams in which investors think they are investing money, but the app, stock market or website is fake,
- - Blackmail on bitcoin, more about it in the article Mail with bitcoin blackmail
- - Scams selling fakeetokens to steal your cryptocurrency (such as Bitcoin and Ethereum),
- - Scams using cryptocurrencies to make payments
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Remember to pay attention especially when you encounter such activities:
- - you get an amazing offer to make a quick buck or an opportunity out of nowhere
- - Ads by well-known icelebrit developers show a vision of fast and high income thanks to cryptocurrency,
- - just met friend(s) from Tinder, starts asking for your cryptocurrency wallet information (more on this Tinder-Swindler cryptocurrency scam theme)
- - you receive a direct debit for a financial service using cryptocurrencies,
- - the application you intend to install is not available on Google Play or Apple Store,
- - To access your own money, you must pay a fee,
- - you received a guarantee of a certain level of returns or an offer of free money,
- - Stock exchange withholds investment returns for alleged "tax purposes"
When you encounter one of these situations, immediately contact your bank, financial institution to report the fraud. Ask them to stop all transactions. Also warn your family and friends to watch out for potential further scams. Unfortunately, one of the risks is also hacking attacks on cryptocurrency exchanges, which unfortunately do happen. Therefore, it is very important that, you keep your funds not on exchanges but in cryptocurrency wallets, or systematically withdraw cash at Bitcoin ATM, such as those listed on Bitcoin ATMs in Poland.
Bitcoin ATM - The safest way to buy and sell cryptocurrencies
Bitcoin ATM is the safest way to buy and sell cryptocurrencies. As mentioned earlier in the article, hacking attacks often target exchanges because this is where many investors keep their funds for storage or transactions. This is not the best solution because not every exchange, is able to maintain an adequate level of security. In Bitcoin ATM the security of the network is similar to that of a traditional ATM, which is why we know that the transactions made using it are completely safe.
Most importantly, the investor can quickly and conveniently withdraw all his funds for selling virtual currencies in cash, right at the time of executing the transaction. He can also purchase cryptocurrency and immediately transfer it to his hot or cold wallet. Where the funds are already secured with an individual key that only the owner should know. The most well-known and trusted manufacturer and at the same time the company operating such devices is shitcoins.club. This is a Polish company that has already expanded to many countries both European and American, thus gaining the trust of users from all over the world.
The best practice is to purchase a hardware wallet for offline storage. A good choice is a software wallet or wallet app that provides more control over digital assets.
Where can I find Bitcoin ATM in Warsaw?
Currently, in almost every district of Warsaw you will find Bitcoin ATMs, only the manufacturer of shitcoins.club has already installed eight such devices in the capital. Some of them are located in shopping malls, and some in individual points which are open 24/7 which definitely facilitates transactions. The first Bitcoin ATM was placed in the Europlex shopping center on Pulawska Street, and others in the underpass under Marszalkowska Street or on Niepodległości Avenue. ATMs can also be found in Marki in Galeria M1, in Galeria Grochów on Kobielska Street, on Soltan Street, Marymoncka Street and Plocka Street. For a detailed list of locations and the hours the outlets are open, visit the website of the largest operator Bitcoin ATMs in Warsaw, Shitcoins.club.
In our previous article about scammers using Bitcoin ATMs, you will learn how to avoid bitmate scammers' tricks.
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