One of the frustrations I had when starting my crypto journey was that my bank kept blocking any kind of transaction when I was trying to transfer my seed investment to Coinbase despite using 2FA, writing to the bank and even going into my local branch. While not necessarily the best exchange in terms of profitability my feeling was that Coinbase was the safest with assets (not their value) insured. What it did demonstrate is that banks are very cagey about crypto and even to this day internet banking platforms always carry warnings about crypto investment; maybe because of the risk or maybe because they perceive it as a threat. News from time to time seems also to reinforce this scepticism and further the idea that crypto is nothing but a Ponzi and a good friend of mine, whose opinion I respect describe it as "gambling".

Behind this there must be an inherent reason for such caution and why crypto investors are vulnerable to scammers. This risk stems from several factors, some minor and some more significant which serve only to expose investors to such schemes.

• FOMO (Fear of Missing Out): We all know the infamous story of the guy buying his pizza for BTC and even in my relatively short experience BTC has rocketed from $10,000 to $100,000. Don't miss out and we all know that today is the day to start investing and don't wait until tomorrow. Scammers exploit urgency and hype, convincing victims they’ll miss out on life-changing gains if they don’t act fast.
• Greed & Overconfidence: Many scams dangle the promise of high, risk-free returns. Even seasoned investors can fall for schemes that seem too good to pass up. Remember the number one rule if something is too good to be true it probably is.
• Emotional Manipulation: Some scams, like “pig butchering,” involve building fake relationships over time to gain trust before asking for money and in this it has some commonality with catfishing.
• Irreversible Transactions: Once crypto is sent, it’s nearly impossible to recover. Scammers exploit this finality.
• Fake Platforms & Phishing: Fraudulent exchanges and wallet apps mimic legitimate ones, tricking users into handing over credentials or funds. I believe that faucet sites are full ads for such sites. Use free crypto faucets / sites but don't trust the adverts they carry.
• Lack of Regulation: Unlike traditional finance, crypto operates in a loosely regulated space, making it easier for bad actors to operate undetected. This gives us much more freedom but at greater risk. Remember the dream was always to unbank ourselves.
• Impersonation Scams:Fraudsters pose as lawyers or recovery agents, claiming to help victims get their stolen crypto back—only to scam them again.
• Authority Abuse:

So this all begs the question of how to stay safe.

• Use reputable platforms with strong security measures, hence my choice of Coinbase even though I recognise its issues.
• Enable two-factor authentication (2FA).
• Never respond to unsolicited offers or recovery services. Be sceptical and question everything see also below.
• Treat every crypto opportunity with skepticism until fully verified. Devise and strategise. Emotion is a guide but not always reliable FOMO can be just adrenaline.
• Always remember that the main vulnerability is that crypto’s promise of decentralization and freedom comes with a steep learning curve—and scammers are banking on that.

As always stay safe and stay well my friends.