The prevalence of fraud is among other factors, the hydra-headed monster bedeviling the entire cryptocurrency space. It has become commonplace for criminal elements to exploit the ignorance of newcomers who have little or no knowledge about blockchain technology and cryptocurrencies. These scams are usually perpetrated on Telegram; this is particularly so because Telegram is already the de facto communication channel for the global cryptocurrency community and chat app of choice for most users.
In order to understand how not to fall for these rapidly spreading tricks, it is therefore imperative for the community to be wary of the schemes commonly used by malicious actors.
Use of pseudo-admin accounts: In order to carry out fraudulent activities, criminal elements usually clone accounts of official admins. They do so to confuse unsuspecting community members by using display pictures and special characters that closely resemble those of legit admins, thus making it difficult to detect the difference between the usernames of legit admins and maliciously created usernames. With cloned accounts, it is easy for scammers to pose as official admins solely for mischievous purposes. To stay safe at all times, it is important for community members to always verify from the official group chat by checking for admin tag which is usually appended to the names of legit admins.
Initiation of conversation via private message: In desperation, scammers contact users first via private message pretending to offer valuable assistance with an ulterior motive to obtain private and sensitive information like wallet passwords, Google authentication codes, mnemonic phrase etc. This is basically a litmus test to ascertain the authenticity of an admin as official admins do not send private messages first. Upon receipt of these messages, users are enjoined to immediately report such messages as spam and block the sender.
Payment requests to fast-track transactions: This is an anomaly as far as digital assets trading is concerned. Cryptocurrency exchanges usually specify all payable transaction fees on their official websites. Any charge other than that which is specified on CoinTiger’s official website (http://cointigerex.udesk.cn/hc/articles/64977) is most likely questionable and should never be paid by any user. Every request that directly or indirectly mandates users to make extra payments as a prerequisite to expedite the processing of pending transactions is unarguably aimed at defrauding gullible users; and as such should be disregarded and reported as quickly as possible.
Questionable over-the-counter trades and giveaways: Cryptocurrency exchanges basically serve as a market for direct purchase and sale of listed digital assets. Over-the-counter trades refer to transactions that are neither executed on nor supervised by the exchange. Often times, scammers post “juicy” offers on telegram chat groups proposing over-the-counter deals to unwary community members. However, it is worthy of note to state that only trades that are available on the official website (www.cointiger.pro) are certified by CoinTiger exchange.
CONCLUSION
CoinTiger strives to provide convenient, stable and secure digital asset trading services at all times and as such supports initiatives aimed at curbing the frequency of fraudulent activities within the cryptocurrency ecosystem. Users are encouraged to remain vigilant at all times in order to spot the above-mentioned schemes and stay safe while maximizing the benefits of trading on CoinTiger exchange.
