Which Crypto Scams Will Be On The Rise?

As we step into the new year, cryptocurrencies are still incredibly popular. They have become a part of mainstream culture and are here to stay. However, cybercriminals are aware of the power of cryptocurrencies, and their intricate scams keep evolving as we speak. Join us on the journey of unveiling the crypto scams that will be on the rise in 2024.

Crypto scams to look out for in 2024

Let’s take a look at some of the crypto scams that will be on the rise this year and learn more about how to protect your crypto wallet:

Investment schemes

Since most of us use at least one social media platform, chances are you’ll be contacted by someone who claims to be an investment manager. Crypto enthusiasts often share related content on their profiles, so finding you won’t be too hard. These fake investment managers often make mind-blowing promises to their targets, claiming they can deliver a return on investment. The only thing you need to do is send crypto to them, and that’s it.

It is sometimes hard to determine if the offer is real because scammers usually have a prepared speech and a professional-looking website that seemingly confirms their credentials. But be wary if they pressure you to send crypto as soon as possible and refuse to send you the necessary documentation regarding the transfer.

Blackmail

Blackmail is one of the most common crypto scams that is here to stay in 2024. Scammers send a message to their target, claiming they have private photos and videos of them. But if the target wants to keep these files private, they have to deliver a certain amount of crypto immediately. Cybercriminals prefer this method because it is somewhat believable, and many victims don’t even question them out of fear of being exposed.

Remember that these scammers don’t have any images or videos of you. Even if they try to describe the background of these files, they could learn a lot about their target through social media, including the interiors of their house. You should simply ignore these messages and not engage with the scammer. And most importantly, report them to the authorities.

Romance scams

Romance scams are a popular social engineering tactic that can happen to anyone on any social network platform imaginable. It is not limited to dating apps only. Scammers approach their targets directly through messages and build relationships with them for months without revealing their true intentions. Then, they ask the target to either send them a payment in cryptocurrency or present an excellent investment opportunity.

Again, the return of interest will be huge, which is designed to make their target fall for the scam. Some scammers would go as far as to create an account in your name with the information you’ve shared while chatting casually. If you find yourself talking with an unknown person online and feel unsure about their identity or intentions, stop communicating with them right away. Social media platforms have brought us all closer, but they also enable all kinds of people to come up with fraudulent schemes.

Fake giveaways

Most of us regularly sign up for various giveaways without even considering the sources. So, it’s no wonder that crypto giveaways are super popular. However, scammers could pose as a real business or cryptocurrency exchange and steal their target’s crypto. They could go as far as setting up a whole webpage for this fraud and pretend to be well-known cryptocurrency celebrities.

Scammers usually lure in their victims on social media platforms such as Twitter. They will post repeatedly about the giveaway and even answer questions from the community. But the rules of the fake giveaway will raise some eyebrows.

For instance, participants will be promised way more cryptocurrency than they send to be a part of the raffle. Additionally, the time to participate will be very limited, which creates a sense of urgency. Ultimately, the scammers will ask you to send crypto before they send you more back.

How to avoid cryptocurrency scams

Now that we know more about crypto scams that will continue to stay popular in 2024, it’s worth learning how to protect yourself online. Here’s where you should start:

• Question everything. This might sound a bit like a conspiracy, but being skeptical regarding offers that sound too good to be true is the key to protecting yourself and your crypto. For instance, risk-free investments don’t exist, and that should be a major red flag for crypto enthusiasts.
• Use a VPN. Virtual Private Network, or VPN, is an excellent cybersecurity tool overall. It can be used for secure logins, encryption, and hiding your IP address. As an example, you can use a US VPN address from anywhere in the world, and if someone is tracking you, they won’t be able to pinpoint your exact location. The availability of US VPN servers (learn more) will allow you access to geo-blocked websites, too.
• Set up multi-factor authentication. All your crypto wallets and accounts should have MFA. While it seems like a hassle to add yet another step to your login, this feature will protect your account from unauthorized access. Even if someone figures out your password, they can’t do much with it once you enable MFA.
• Be interested in online security. Finally, you should keep up with the latest news regarding the security of your cryptocurrency of choice. Connect with other people and join groups where they discuss the newest scams and more. Public lists of scammers exist, so check them out before you do any trading. Additionally, make sure that every cryptocurrency platform you frequent is secure, and don’t rush to open every email attachment you get. Phishing is a real problem, and the best way of fighting it is to stay informed.