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How to Stay Safe on Social Media from Cryptocurrency Scams

  • 7 Feb, 2022
How to Stay Safe on Social Media from Cryptocurrency Scams

The more popularity cryptocurrency gains the more people will be at risk from hackers and scammers who will try and trick you out of your funds.

Crypto hackers have been in the news a lot recently, with thousands of dollars worth of crypto being stolen.

Cryptocurrency has better security and anonymity than standard banking. However, that doesn’t stop the potential for user error when it comes to hacking.

With cryptocurrency, you have to be particularly careful because unlike standard banking scams such as fraud where you can recall your money, dispute the transaction and get your money back, this is not possible with crypto.

Once your funds have left your crypto wallet they cannot be recalled and you cannot seek help to recall these through a higher authority due to the anonymity. 

One of the main ways that these hackers will try to scam you is through social media.

So how can you stay safe on your social media from cryptocurrency scams?

Here are a few of the most common scams we have seen:

Direct Messaging about a new Crypto/NFT

Instagram is being flooded currently with scammers sliding into people’s DMs trying to get them to do things such as ‘Investing in the next big coin/token’, or claiming they have a ‘Famous/Celebrity related NFT’.

These will generally send you a link or tell you to go to a link in their profile to try and get our crypto wallet and/or personal information.

Even on our business Instagram, we see these messages daily! There are so many of these scammers in the crypto world. We advise simply deleting or blocking the account, report it if you wish to as well. Whatever you do, do not give them personal information or any money.

If you ever feel in doubt you can exit the social media app and use a safe browser to google the company or individual. If it's a company, do they have reviews, is the user ID their legitimate account, could the account have been hacked?

If it's an individual checking their profile and any other online presence they may have is a good idea. 90% of the time these will be scams so they are likely to have burner accounts with spam user names. Individuals from the AutoCoinCars team have had to report and take down fake impersonating accounts, this goes to show even ordinary people are being cloned by scammers.

We generally advise avoiding message requests from anyone you do not know. If you see an account impersonating our business or staff please report them and contact us.

You’ve just won…!

Any type of ‘giveaway/competition’ or ‘you’ve won’ type of message is extremely risky as it can be tempting to think that you have just got something for free.

If you know you haven’t entered any giveaways or competitions willingly then this should be your first red flag if you get contacted with this type of message. Whether it is a direct message, a comment tagging you or an email, you should always check thoroughly before you even begin to think about giving your details away.

Check the person's profile or email address, do they look legitimate? Are they trying to imitate a person or a company?

99% of the time these messages or links are bad news, best to stay clear of interacting or clicking on any of these.

Fake Profiles

Facebook, Twitter and Instagram are rife with fake profiles that attempt to impersonate other people or businesses.

The Verified Icon is a helpful way of identifying if an account is who they say they are or not. Make sure you check it is the real icon and not an emoji that someone has copied into their name.

You can also check their following, is the number and type of followers accurate? How about their posts? Are they posting like a real person or business or is it just a feed of giveaways, or retweets/shares?

Are they making promises or offers that sound too good to be true? Are they commenting on legitimate companies or people’s tweets with giveaways, competitions, or other spammy-looking links?

All of these things can help you identify scammers and avoid losing your digital funds.

AutoCoinCars sees examples of these on a daily basis so be aware and careful.

We have also seen fake profiles trying to impersonate us before.

Please know that we will never ask for your private or cryptocurrency information via social media.

If anyone attempts to contact you pretending to be us please contact us with their information and report the account.

For more tips on how to keep your cryptocurrency, you can read our safety tips here.

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