From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
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Avoiding scams
From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
Avoiding scams
- [Instructor] Scams, dishonest schemes that involve illegally tricking people and taking money or anything of value from them have existed throughout history. The nature of the digital world has resulted in it becoming one of the most popular areas of such activity. Unfortunately, scams evolving cryptocurrency are now particularly common. The following of some of the most popular crypto scams. Social media advertisements lure users by promising free crypto or include a picture of a celebrity hyping a new crypto or digital asset, such as a non-fungible token. The user is intrigued, follows a link, and is then asked to enter identity verification details. This process often includes a request for a small payment. In this scam, the free crypto and the celebrity endorsement are both fake. After entering personal information, sending some money, or both, the user's details and money are stolen. What makes this scam so effective is how authentic the entire process appears to be, including…
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