In recent years, the number of cryptocurrency scams grow rapidly in the crypto world, and the ways of scammers defrauding cryptocurrency investors have evolved tremendously over time.
We have sorted out the most common fraud types that occurred frequently:
- Phishing SMS
- Malicious software
- Fake promotional activities on social media
- Smishing (Spam Text Messaging)
Smishing is a very typical fraud nowadays. Scammers will impersonate a person/official Tapbit/ Gov authorities and send spam text messages to you that attempt to get you to click a link so as to collect your personal data. The SMS may contain, for example, "Follow the link to complete the compliance procedures to avoid your account being frozen. (non-Tapbit domain).com". Information you provided at the fake official website will be recorded by the scammers, hence they can easily log in to your account and withdraw your assets.
When you are in doubt about your account, please reach out to us directly or get the link verified at the official Tapbit verification channel.
- Malicious software
When installing a software, you should always ensure the authenticity of the applications. Malicious applications might seem very legitimate because they look very similar to the official one. These apps are designed to steal your account and assets.
To prevent this, It is recommended to always download the application from official website, and also check the provider's information when downloading from Apple Store or Google Play Store.
- Fake promotional activities on social media
With this type of fraud, usually starts with users receiving some sort of announcement via various social media channels (e.g. Telegram,Twitter, etc.) that promote a sale. The promotional activity often requests users to transfer ETH to a wallet to receive a high interest in return. Once users transfer the ETH to the scammers' wallets, users lose all their assets and will not receive anything in return. Users should always be aware that the transaction cannot be reverted after withdrawals were made.
Tapbit Team