How to stay safe from Common Social Media Scams?

By changteck | thecryptorunner | 19 Jul 2021


Note: This post contains affiliate links. I will gain a small commission and/or bonus if you click through the links at the end.

In this opinion piece, I write on some common scams and what you can do to reduce the risk of you getting scammed of your crypto!

1. Fake support

Have you ever received emails or messages from strangers on any of your social media platforms claiming to be a staff of the support team of a company?

Their usual tactics involve the following:

  • Contacting you via DMs, without your permission and asking you to send crypto to a wallet address.

  • Promising you bonuses upon transferring a certain amount of crypto to a wallet address.

  • 'Addressing your concerns' by claiming to 'help' you by asking for your private keys or crypto.

The common practice of support teams of established companies like Hodlnaut will is to never contact a user first without their explicit permission to do so.

Official support will never ask you for your money.

2. "Successful" Traders Testimonials

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Ever since these kinds of messages on Instagram and Facebook?

These "traders" will usually promise you huge returns, baiting you to send them money in return for 'trading signals services', or to invest the funds on your behalf.

The testimonials are bought with fake social media profiles and they are easily identified with the unique fonts that they use.

3. Pay First Giveaways

'Announcement: We are giving out 200 BTC to the community for their tremendous support of our platform!

✔️ If you send 0.01 BTC, you get 0.1 BTC back.

✔️ If you send 0.1 BTC, you get 1 BTC back.'

Seen this message/comment before on platforms like Facebook and Telegram?

These 'giveaways' usually entice users with unusual amounts of crypto that they can get back if they deposit certain amounts first.

A wallet address is usually accompanied by the post, along with fake social media profiles commenting on the post after that, as a 'testimonial' of the legitimacy of the 'giveaway'

What are certain pro tips to stay safe?

As the saying in all investments goes, always, always do your own research (DYOR) before putting money into anything. Verify and fact-check across all sources, especially on the official website of companies.

Never, ever share your private keys with anyone. They are named as such and should remain as such.

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changteck
changteck Verified Member

Avid Crypto investor with a penchant for trail running.


thecryptorunner
thecryptorunner

I discovered my interest and passion for the world of Blockchain & Cryptocurrency amidst the gloom & doom of COVID-19 in 2020, and decided to upskill to stay relevant and most importantly, employable. As an avid runner, I am a proud finisher of more than 10 marathons and ultra-marathons, including a 100km road race. As a cancer survivor, I kicked cancer's ass once and am on the way to my second victory!

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