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7 Signs To Spot Cryptocurrency Scam & Fraud on Instagram

A phony Elon Musk account scamming for ETH on Twitter
  1. High-end products are expensive so whenever there’s a sale or discount, we all tend to lure in with the attractive offers. But when the discount is a little too much on the product, say, over 70% — it should sound fishy. A buyer or the potential has all the right to ask the reason behind such a huge offer which would help determine whether the offer is legitimate.
  2. To save oneself from the bait-and-switch scam, the user can check on the details one skips to notice — it could be paying attention to the spellings, checking if the brand is verified or the URL link on the profile.
    Also Read, Stories of People losing their Bitcoins!
  3. Scammers tend to post pictures of products that they don’t own but offer for selling. These pictures are available on the internet and thus holds easy access. To be on a safer side it is better to check whether a similar photo exists on the internet or conduct a reverse image search. One can instead even ask for more precise information and pictures of the product, probably from the same place as the uploaded photo with different angles. It is very unlikely that the scammer will have the product but if the seller is honestly offering the product he/she will accord to your request.
  4. To purchase a product, the seller will have a mode of payment that will be displayed on the website. It is a possibility that the seller might try to reason exclaiming that they are moving between the accounts however the user should make the payment via debit card or credit card and the bank will know what to do in the scenario mentioned. Also in the need of chargeback, it can be filled out and processed with the bank, mostly within 120 days of the initial payment, however, the only loophole is when the payment of fiat has been made for the exchange of cryptocurrencies as blockchain transaction cannot be reversed, also one should avoid bank wires and transaction with cryptocurrency. The chargeback involves criteria like damaged goods, when the item is different than the description or when the product is not delivered.
  5. A scammer will most likely use the name, logo, or information of a legitimate cryptocurrency broker or a company, in order to look authenticate and wouldn’t be a part of e-commerce. In this case, you can contact the cryptocurrency exchange provider for confirmation.
  6. Scammers also tend to offer investment schemes that promise high returns, and if no less, they would also have proofs from other said candidates. And once when you fall in their trap by sending the payment, they ghost on you. In this case, the only way out is to ignore such messages or requests.
  7. If you find something suspicious in the account, it is important to flag the account and report to the authorities of the app and the law enforcement.



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