Crypto scams can be scary, but they’re also common. They come in many forms, such as phishing (tricking you into revealing private information) and direct threats to your money. We’ve compiled a list of the top scams to watch out for – and how to protect your assets against them.
A new phishing scam is targeting Instagram users and threatening to delete their accounts unless they share personal information with the scammers.
As Instagram scammers slide into our DMs, millions of users are now possible victims. Phishing scammers are flocking to Instagram in search of money, personal information, and whatever else they can get their hands on. Their goal? To target you because you’re engaged with their account, then attempt to convince you to click on a link that takes you away from Instagram and onto a malicious website.
The scammers then use this website or app to steal your data and money or trick you into completing surveys so they can make money themselves by selling them to third parties.
Crypto Scams on Instagram
On Instagram, cryptocurrency scams offer free tokens or secrets on how to get rich quickly with bitcoins or altcoins.
A student from Pune, Preksha Kasbe, 25, woke up to a DM from her school friend Sonali on Instagram. The young woman answered her friend’s message with excitement, chatting about life in general. After that, Sonali began talking about crypto investments and how they completely changed her life,” Kasbe said.
Inquiring about the lucrative deal was prompted by Kasbe’s curiosity and desire to make quick money. “It’s pretty simple, she (Sonali) said. It’s as simple as changing your Instagram email address to one that she (Sonali) sends,” she explained.
After the email address was changed, things changed for the worse. The alleged crypto scammer (Kasbe) hacked Kasbe’s account and started posting fake screenshots on it explaining how she (Kasbe) became wealthy after following Anna’s investment advice.
Her followers were even duped into investing their money in a scam token by posting photos of her with fake bank statements. Sonali’s account had also been hacked, Kasbe learned after calling her friend. In Kasbe’s opinion, this appears to be the result of a chain reaction of scams.
An Indian trader living in Jaipur, Vivan Dsouza, 27, had a different perspective. In a similar manner to Kasbe, he also received a message on Instagram, but this time it was from a crypto trading expert asking him to invest in Binance, one of the most popular crypto exchanges in the world.
Having talked for several days with the scammer, I decided to invest in one of the new tokens listed on Binance, but the link sent to me was not Binance, but something akin to a fake crypto exchange,” Dzsouza said. As a result, he lost Rs 10,000 and never received any cryptos.
Fake Screenshots on Instagram are used by Crypto Scammers.
There is a new rage on Instagram when it comes to cryptocurrency scams. In these scams, free tokens are promised and insider tips on how to become rich from Bitcoin or another altcoin are shared. It is true that many of these attempts are just ridiculous attempts to steal your data and identity, but there are some that are more convincing than others.
The Bitcoin giveaway scam stands out among them. It’s simple: You send them a fee to claim a certain amount of Bitcoin and you will get it as a “free” cryptocurrency.
In order to make their accounts appear legitimate, scammers often use stolen photos. However, scammers are creating fake Instagram accounts to trick people into falling for their scams, while most legitimate exchanges and wallets don’t have an Instagram presence.
How to Avoid cryptocurrency scams
Instagram crypto scams are difficult to avoid, unfortunately. The good news is that you can do a few things to increase your chances of staying out of sketchy situations. Make sure any information posted is legitimate by double-checking it.
“No matter how tech-savvy you are, you can fall for an Instagram scam – and anyone can get scammed. In fact, younger people are more likely to fall for scams since they are less adept at detecting them. Lastly, don’t hesitate to report scammers and suspicious accounts on Instagram. Sourajeet Majumber, a cyber security expert, advises tapping the “three dots” icon on their posts or profiles and selecting “Report”.
A fake account that reposts legitimate business posts should also be avoided. There are a lot of likes and comments collected by bots from fake accounts. Click away from ads promoting ICOs, Bitcoins, and other cryptocurrencies. By clicking on these ads, you will only be taken to malicious websites that can steal your personal information. There is no point in clicking on these ads since most of them are designed to trick you into giving them your personal information.
To avoid falling victim to scams, though, it’s best to find credible sources and verify the information. It is essential to understand how cryptocurrency works, how to invest in it, and how to keep your money safe when dealing with cryptocurrency. Additionally, you can avoid falling victim to scams by sticking to verified news sources and publications.
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