Phishing scams are one of the most widely used methods across the Finance & Banking industry. A phishing scam is characterized by the impersonation of your bank, Bitcoin wallet, or exchange provider. This can be done through fake emails/links, lookalike websites.

Phishing emails usually contain a link that will redirect you to a website impersonating your exchange or wallet. They will ask you to enter your account details in an attempt to gain access to your real account.

This type of social media scams promises to send back double the amount of Bitcoin you send them, or ask you to send Bitcoin for the chance to win much more.

These kinds of scams are successful because they impersonate reputable or well-known individuals and use fake accounts or “bots” to make their account activity seem legitimate.

A simple, commonly used scam that attracts new investors with the promise of unusually high returns. In a Ponzi scheme, a promoter convinces people to invest in their scheme & pays out “returns” that are actually payouts from money deposited by newer investors.

The cycle continues until new investors cannot be found or the promoter takes the investment money and disappears. Ponzi schemes are a common type of pyramid scheme & are usually easy to spot. Honest people or projects will not guarantee a 100% return or more on your Bitcoin.

Blackmail, whether via phone or email, is an attempt by hackers to use fear to persuade you to give them access or send them your Bitcoin. Usually, the scammers will say they have ‘evidence’ against you & threaten to disperse this information to your close contacts.

Most often, hackers do not have any information about you and hope that by sending out enough emails or making enough phone calls, they can convince at least a few people to send them Bitcoin.

A malware is installed on a computer or personal device when the person believes they are downloading a software/program from a reputable source. However, in reality the software application monitors your web browser for Bitcoin wallet information.

Bitcoin and cryptocurrency transactions are irreversible and should be sent more cautiously than a credit card payment. If you send bitcoin, you should assume you will never get it back.