Crypto myths – Staying safe this festive season while using cryptocurrency

6 views 7:38 am 0 Comments December 19, 2023

The festive season is upon us, which means scammers are doubling up on their tactics. Binance has put together its top tips to help keep your crypto safe this festive season. The guide takes a look at several tips to spot manipulation tactics scammers use to gain sensitive information such as your login credentials and 2FA codes. 

In this latest edition of our Crypto Mythbuster series with The Nation, we look at how users can stay safe while using Crypto this festive season.   

It’s often said that when a deal seems too good to be true, it probably is. Trusting our instincts is crucial, especially in the face of potential scams. As the festive season approaches, there’s a notable surge in fraudulent activities, with con artists looking to take advantage.

Of those scammed, 53 percent of the respondents were convinced the offer was legitimate because the website looked real. 

Therefore, it’s crucial to pause and exercise caution during online transactions. Learning to identify red flags is essential. Binance is committed to safeguarding the global virtual-asset ecosystem and has shared insights into common Crypto scams, along with ways to avoid them.

Common cryptocurrency scams

1. Social media giveaway scams

 Social media platforms often host giveaways by crypto companies or influencers. Some may request your card details as a precondition to releasing the giveaway. Legitimate giveaways never ask for funds upfront or banking details. Scrutinise profiles closely; fake profiles often have telltale differences. Even if Binance or any legitimate entity hosts a giveaway, they won’t ask for funds initially.

 2. Pyramid and ponzi schemes

 Amidst the festive feeling, be wary of schemes promising guaranteed profits. These schemes promise guaranteed profits, a typical red flag. Ponzi schemes disguise themselves as portfolio management services, but they rely on new investors to pay existing ones. Pyramid schemes involve recruitment and fees, circulating money within the structure. Beware of high returns within a short period.

 3. Phishing

 As you celebrate, scammers may attempt to extract personal data through various mediums like phone, email, or fake websites. They can also pretend to be employees of your trusted cryptocurrency companies spreading the festive spirit. Be extra vigilant this season. Legitimate exchanges like Binance will never ask for your password unsolicited. When in doubt, reach out through official channels listed on their site.

 4. Scam shopping websites

 With the season of giving upon us, be cautious of fake e-commerce sites mimicking legitimate retailers. Always check the URL for authenticity and be wary of significantly lower prices on popular items. Avoid providing personal details on suspicious websites.

 Additional Security Tips from Binance

  • Embrace the festive spirit but also use two-factor authentication (2FA) for your exchange accounts.
  • As you decorate your home, regularly update passwords, and use strong, unique ones for each platform.
  • Just as you’d safeguard your home during this season, protect your online presence. Beware of phishing attempts; Binance will never ask for your password. Like treasuring cherished moments, bookmark Binance’s official site and avoid clicking on suspicious links or ads.
  • In this season’s festivities and beyond, always make sure to use the official communication channels for inquiries and/or verifications like the Binance support center. 

 Let’s navigate this festive crypto ecosystem wisely. If you suspect being targeted by a scam, cease communication, halt transfers, and promptly report to Binance Support. Providing evidence and materials can help us assist you effectively.

Did you know: Binance’s Law Enforcement team, Nils Andersen Röed and Jarek Jakubcek visited Africa to partake in the Law Enforcement Training. During this visit, they also highlighted Binance’s pivotal role in keeping their users at the center of their decisions and how they prioritize their experience, privacy, and security above all else.

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