Women should be aware of cryptocurrency scams

The market of cryptocurrency growing rapidly these days and it has an impact on the future of commerce with many similar sentiments. As the speculators and investors move toward the lucrative cryptocurrency markets, similarly the attention of crypto scammers and cheats is increasing.

Earlier this year, the Federal Trade Commission (FTC) reported that it had received nearly 7,000 complaints about cryptocurrency scams between October 2020 and March 2021. They recorded losses of more than $80 million. The average loss for those reports was about $1,900. The FTC detected 12 times increase in cryptocurrency scam reports and nearly 1,000% more from the same time the previous year. The Mountain West division recorded $6,688 in losses from customers in Utah and Northern Nevada since April. Women are easy victims of these scams. So, they should be aware of such scams.

Categories of Cryptocurrency Scams

Generally, cryptocurrency scams (crypto scammers) are divided into two different categories and women should know them:

  1. Aiming to obtain access to your digital wallet or authentication credentials.
  2. You transfer cryptocurrency directly to a scammer for business or other things.

Types of Cryptocurrency Scams

Social Engineering Scams

Scammers apply psychological manipulation and deception to get control of essential information relating to women’s accounts.

Romance Scams

Scammers usually use dating websites to make innocent victims.

Imposter and Giveaway Scams

Scammers also try to pretend as celebrities, businesspeople, or cryptocurrency influencers.

Phishing Scams

Phishing scams are used to get information about online wallets.

Blackmail and Extortion Scams

Scammers also use to send blackmail emails.

Investment or Business Opportunity Scams

Scammers get people’s money in the form of investment to start a business.

DeFi Rug Pulls

It aims to decentralize finance by excluding gatekeepers for financial transactions.

Protect yourself:

Never send money, trade, or invest based on the advice of someone you have met solely online. Do not reveal your current financial status to untrusted individuals. Do not provide your banking information, Social Security number, or any other sensitive information. Beware of an investment or trading site that is selling unbelievable profits. Be careful of individuals who require to have exclusive investment.

cryptocurrency scams
cryptocurrency scams

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