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Staying Safe this Festive Season While Using Cryptocurrency

cryptocurrency

It’s often said that when a deal seems too good to be true, it probably is. Trusting our instincts is crucial, especially in the face of potential scams. As the festive season approaches, there’s a notable surge in fraudulent activities, with con artists looking to take advantage. According to KnowBe4 2023 Online Scams and Victims in Africa Report, financial scams affected 48% of respondents who fell victim, with investment scams affecting 30% and crypto scams 29% of respondents. 

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Of those scammed, 53% of the respondents were convinced the offer was legitimate because the website looked real. 

Therefore, it’s crucial to pause and exercise caution during online transactions. Learning to identify red flags is essential. Binance is committed to safeguarding the global virtual-asset ecosystem and has shared insights into common Crypto scams, along with ways to avoid them.

Common Cryptocurrency Scams

1. Social Media Giveaway Scams

Social media platforms often host giveaways by crypto companies or influencers. Some may request your card details as a precondition to releasing the giveaway. Legitimate giveaways never ask for funds upfront or banking details. Scrutinize profiles closely; fake profiles often have telltale differences. Even if Binance or any legitimate entity hosts a giveaway, they won’t ask for funds initially.

2. Pyramid and Ponzi Schemes

Amidst the festive feeling, be wary of schemes promising guaranteed profits. These schemes promise guaranteed profits, a typical red flag. Ponzi schemes disguise themselves as portfolio management services, but they rely on new investors to pay existing ones. Pyramid schemes involve recruitment and fees, circulating money within the structure. Beware of high returns within a short period.

3. Phishing

As you celebrate, scammers may attempt to extract personal data through various mediums like phone, email, or fake websites. They can also pretend to be employees of your trusted cryptocurrency companies spreading the festive spirit. Be extra vigilant this season. Legitimate exchanges like Binance will never ask for your password unsolicited. When in doubt, reach out through official channels listed on their site.

4. Scam Shopping Websites

With the season of giving upon us,  be cautious of fake e-commerce sites mimicking legitimate retailers. Always check the URL for authenticity and be wary of significantly lower prices on popular items. Avoid providing personal details on suspicious websites.

Additional Security Tips from Binance

  • Embrace the festive spirit but also use two-factor authentication (2FA) for your exchange accounts.
  • As you decorate your home, regularly update passwords and use strong, unique ones for each platform.
  • Just as you’d safeguard your home during this season, protect your online presence. Beware of phishing attempts; Binance will never ask for your password.Like treasuring cherished moments, bookmark Binance’s official site and avoid clicking on suspicious links or ads.
  • In this season festivities and beyond, always make sure to use the official communication channels for enquiries and/verifications  like Binance support center

Let’s navigate this festive crypto ecosystem wisely. If you suspect being targeted by a scam, cease communication, halt transfers, and promptly report to Binance Support. Providing evidence and materials can help us assist you effectively.

Read: Binance Expands Its Law Enforcement Training Programme Across Kenya

About author

Tech Arena is an independent technology news website that mainly covers social media news, mobile and gadget news and reviews, apps and software among others. The site focuses on tech news from all over the world that directly impact Kenya.
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