The rise of cryptocurrency has brought new risks and scams. However, these risks aren’t unavoidable. You need to understand the various ways in which cryptos are swindled. In this article, we’ll discuss some ways in which you can protect yourself from being a victim of scams. Also, you need to be aware of the ways in which cryptocurrency exchanges may be scamming you.

Be skeptical of any website or mobile application that claims to offer high returns. Make sure you are dealing with a reputable third party and do your research. Look for publicly available reviews, check for spelling mistakes, and visit consumer protection websites. If you are unsure of a company, call it and ask to speak with someone in the organization. Many scammers use stolen credentials and information from data breaches and old passwords to steal your personal information.

Social engineering is a major problem in the cryptocurrency industry and is a key component of scamming. In many cases, scammers will try to obtain their target’s digital wallet and other private information by hacking their accounts. This means they’ll be able to send cryptocurrency to the scammer’s digital wallet without ever being detected. If you believe a website is promising a big sum of money, be wary.