Cryptocurrency scams online

Cryptocurrency scams online are spreading like a virus. People are lured with promises of millions but in the end, they end up bankrupt. We need to protect ourselves from these scammers and not fall for another cryptocurrency scam online.

How they operate

According to authorities, scammers may use different ways to get to you. Usually through social media or email. Their aim is to get your trust and then your bank account.

On social media, they may ask to be on your network and then contact you via private message. They may ask if you have ever heard of cryptocurrencies. I had this question asked many times on LinkedIn. In my case, when I showed no interest in the subject the person tries to be persuasive, and say that it may be a good investment and this and that.

I had a funny story once, a person asked on LinkedIn if I have ever heard of cryptocurrencies; to what I replied “Yes I did, but I’m not interested in the subject I’m afraid”. To someone with an English name, claiming to be in the US, which is an English-speaking country, I assume the expression “I’m afraid”, which is a polite way of saying “I am not interested at all” is common. However, the person answered me: “oh you don’t need to be afraid”. I can’t even say it was lost in translation, because we were speaking plain English!

Their goal

Their goal is to get your trust and then ask you for your bank account. They may look very knowledgeable, and talk about one thousand ways of investing in cryptocurrencies and all the millions you can get along the way. They present themselves well and they do it in such a way you see them as someone with knowledge to help you. They make it look simple too.

A few months ago, a TV show in Australia showed a police investigation that saw a criminal syndicate being arrested overseas, after robbing lots of aussies.  The program alerted us all for these scammers.

These scammers are savvy and we need to make sure we will not fall victims of their scams.  Even if you are indeed interested in this type of investment, do your research and find legit companies who can help you do it. Never provide your personal or bank details to anyone online. Being aware of these scams and know how they operate is the best way to protect ourselves against them.