Beware of Social Media Crypto Scams
Social media like twitter & Facebook is a a great way for a lot of people to connect with one another.
For a lot of people twitter is a great tool to connect and follow your favorite brand, celebrity or social media influencers.
Social media can also be a potent weapon to scam you!
A lot of scammers use a ploy of creating fake profiles of celebrities and social media influencers.
So when people see a new profile of a celebrity they admire they tend to follow it.
Next what the scammers do is that they deploy a scheme where a user is supposed to send some amount of ETH or Bitcoins and the scheme promises to double or triple the amount in 24 hours and send it back to the senders address.
Gullible and susceptible individuals fall for this trap and send their hard earned crypto to the displayed address.
However they never get back their crypto and are scammed.
Scammers use the reach of the social media and the internet to target people and the anonymity that crypto transactions offer gives them an easy getaway.
Steps to avoid falling into such a trap
Avoid the lure of easy money (this is easier said than done)
Try to think with your Head and not your Heart when it
comes to money.
Try to check the originality of the source. For example on social media like twitter and Facebook there is a blue check mark next to a verified profile. Look for this as a means of validating the account of a celebrity you may be following.
Scammers are getting more creative and ingenious and try to fake the authenticity tick mark by sometimes incorporating the tickmark image as part of the profile picture.
The usual ploy to scam
They lure people into clicking a link which takes them to a site which has a money doubling offer.
Trigger the FOMO Switch
The site invariably has a count down timer.
This puts pressure on the visitor making him/her think that time is running out on this limited time offer. So invariable a person is likely to fall for such a scam.
How to start double checking?
Think of crypto as any other money and money does not grow on trees. So try to resist money doubling schemes that are too good to be true.
A good starting point for a user could be to search for the celebrity name on the social media search and arrive at the original celebrity profile.
Beyond the tick mark
The blue tickmark is one way of authenticating it however scammers usually reply to a tweet by a celebrity and engineer likes and shares to the reply making people believe that the content is either from the celebrity or endorsed by the celebrity. This is an attempt to create credibility for the scam content.
A user should also check the authenticity of the account by searching for the name looking for
- The blue tick mark
- Check the number of followers of the account. Big celebrities with original accounts like that of Elon Musk would have millions of followers.
- The number of followers would be much greater than accounts being followed by Elon Musk.
- Check the time line of the account for a series of activity and how old the account is.
Is this an exhaustive check list ?
Not quite! Those in the business of scamming are evolving fast and thinking of innovative ways to scam people all the time.
So it is time to think ahead of them and be cautious and wiser from other peoples experiences and mistakes.
My closing thoughts!
For every one way you know to earn money there are 100 ways to lose it.
In other words it is easier to lose money than to earn it. So please #staysafe and keep your money safe, We live in difficult times.
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