Despite cryptocurrency platforms upgrading the security procedures that might assist crypto owners in safeguarding their funds, the growth in cryptocurrency thefts has continued to experience an exponential climb. Millions of dollars have been stolen by cunny swindlers, and from all indications, this trend will resume shortly.
Therefore, if you must trade cryptocurrency, you should know a few security precautions to guard against hackers, scam artists, and others who have found ways to steal crypto fraudulently. Above all, you must be aware of the different methods that criminals like them have employed in the past to carry out these malicious actions.
In this interview, an expert from Coin Dispute Network shares the shocking ways thieves can use to steal crypto to help you be on the lookout.
What Are The Methods Through Which Fraudsters Take Cryptocurrency From Their Owners?
Security safeguards on cryptocurrency platforms are not invulnerable. Therefore, thieves use these flaws to hack the media and steal coins from cryptocurrency owners. In other cases, the cryptocurrency owner is too greedy or careless with his security, making them vulnerable to Ponzi schemes, phishing, giveaway scams, initial coin offering (ICO) scams, and pump and dump schemes.
Which Of The Examples You Provided Is The Most Typical, And Why?
The most renowned method is phishing, which is used to steal private keys, passwords, and other sensitive data from cryptocurrency owners. Typically, this procedure is carried out using a fraudulent website that impersonates an official one.
It is the most common since anybody can join a website and submit their information making it easy for the proprietors of those websites to steal and use that information. In addition, it is a simple method as it doesn’t require a lot of technical expertise or high expenditure.
What Should People Do If Their Crypto Is Taken?
If you don’t take immediate action once your cryptocurrency is stolen, there is a big chance that it may be lost forever. You should quickly contact the customer support of the platform you trade on to report the transaction that scammed you of your coins.
Ensure you report the incident with supporting documentation, such as the transfer receipts. You can also reach out to Coin Dispute Network to help get back your stolen crypto and funds.
What Tips Do You Have To Help Crypto Owners Protect Their Crypto?
First, we recommend enabling two-factor authentication (2FA) on all your wallets to make it difficult for someone else to access them. Additionally, spread your cryptocurrency across several wallets and regularly upgrade their security. Other strategies include not utilizing shared networks, using a VPN to safeguard and encrypt your data, and avoiding clicking on suspicious emails and advertisements.
How Does Coin Dispute Network Help Crypto Owners Recover Their Coins?
Our approach to helping scam and theft victims entails analyzing and reviewing the transaction that resulted in the theft to trace the coins’ final destination, utilizing our crypto network to get further details about the scammers, and carrying out stop-recovery attempts at numerous exit points that they can use to convert the coins to fiat.
Finally, we cooperate with the appropriate agencies to ensure that your cryptocurrency can be formally returned to your wallet after it has been retrieved.