other way people get scammed concerns E-mails that you may receive from domain
names which seem to be legitimate but aren’t. Scammers can make a domain look
like any other domain name in your E-mail client. There are an astonishing
number of Web sites that have been deliberately created to resemble original,
legitimate start-ups. This is called phishing. One dead giveaway is that the
fake domains will seldom feature the small lock icon adjacent to the URL bar.
trick they can pull is to redirect you from the seemingly legitimate domain to
another platform to make payment. Such fake payment sites may have been set up
using a zero in the URL instead of a letter ‘o’. You can be assured that such
platforms aren’t bringing you to the cryptocurrency investment that you are
expecting. To avoid this, carefully re-type the exact URL into your browser and
double check it.
mobile apps are a variation on this theme. Thousands of people have already
downloaded fake cryptocurrency apps according to Bitcoin News, and although Google Play and the Apple App Store
remove these fakes as fast as they are posted they can still create havoc with
investors. Users are advised to check the branding of the app, its colours, and
the logo being used? Very often these are a giveaway.
same applies to E-mail solicitations from seemingly genuine companies. Again,
scrutinise the logo and branding carefully. Can you verify that the E-mail
address is really linked to the company it’s purportedly from? One way of checking
on an E-mail’s provenance is to ask for a real world person working within the
company. Never ever click on an embedded link within an E-mail. Also check out
the A’s and I’s and L’s especially, since there are other alphabets from
character sets that look like the “regular” letters that are from the real,
original E-mail senders.
trust offers or tips emanating from either Twitter or Facebook, especially if
the offer seems too good to be true. This is especially true if you are
following the social media accounts of celebrities as fake celebrity accounts
are rife, and often specifically created with crypto scamming in mind.
social media scams frequently take the form of attractive giveaways. To qualify
for the giveaway you will be asked to send a small amount of crypto to “verify”
your address. Above all, never send crypto to anyone who contacts you who you
do not already know. This is especially so in the case of online chats. Not
even when you’re being offered a great deal in return for advancing a small
amount of crypto upfront. The bottom line is that no legitimate company would
run a promotion where you had to send them cryptos first before they would send
you even more.
if others are sending crypto to these fake accounts, don't follow the herd!
Never send cryptocurrency to giveaways under the guise of address verification.
Be sceptical of all giveaways and offers on social media.
and phishers are ingeniously clever. They will sometimes set up fake customer
support lines, even for such well-known crypto exchanges as Coinbase. Victims
are lured to these fake support lines through all the methods outlined above in
this article and persuaded to give out their wallet passwords, 2FA (Two-Factor
Authentication) security codes or passwords, or even remote access to their
computer. Always verify that you are calling the correct support number for the
platform or exchange you are trying to seek from.
too often scammers announce a fake ICO (Initial Coin Offering). Investors put
crypto into these ICOs and the next thing you know, the founder has vanished
taking your crypto investments with them. Scrutinise all ICOs with a fine tooth
comb and peruse the details carefully.
a personal standpoint you can also secure yourself better by upgrading your
computer to make it more secure and less hackable. Conduct good Internet
hygiene and perhaps use VPNs and firewalls to safeguard your PC port. At least
learn the basics of computing before venturing into crypto trading and
has been an increase in cases whereby wallets are hacked and users getting
scammed. Currently, there are no standard regulatory frameworks within the
crypto industry that consumers can go to. However, to reduce the risk of
getting scammed or hacked, individuals should go to a proper, credible company
or platform such as Magna Law Corporation when making crypto transactions.
like Magna Law will advise investors to keep hot or cold crypto wallets because
the risk of being scammed is much lower due to the unusually long string
character password key. It also has a feature that disables access when
disconnected from the internet.
should also approach approved (exempted or licensed) cryptocurrency service
providers as they are the only ones compliant with the MAS Payment Services
Act. In the unfortunate event that you are scammed, don’t worry all is not
necessarily lost. Companies like Magna Law Corporation
can and do work with investors and law enforcement to attempt to recover stolen
funds and bring the perpetrators to justice. The regulatory framework for
crypto may be less rigorous than for conventional finance but that situation is
changing for the better with every passing year, as more governments crack down
on errant bad actors and put transparent measures in place for exchanges to
operate within sovereign countries.
graduated from the University of Liverpool and was admitted to the Singapore
Bar in 2020. Since then, he has been involved in both contentious and
experience in corporate work not only includes the drafting of joint venture
agreements and shareholder agreements, but also includes more niche practices
including but not limited to the issuance of legal opinions on the Monetary
Authority of Singapore’s (“MAS”) treatment of digital payment tokens, e-money,
and Non-fungible tokens. He has also assisted various exempted companies under
the Payment Services Act (“PSA”) towards their application for a licence to
operate under the same.
has represented clients in various interlocutory applications and has also
conducted a trial in the High Court. He has also represented clients as
creditor and debtor in insolvency and bankruptcy proceedings.
more information, visit www.magnalawcorp.com