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The rise of Bitcoin and cryptocurrencies in 2024 has been impressive for those who love investing in cryptocurrencies and for scammers looking for any opportunity to take advantage of unsuspecting crypto investors.
Take this example of a California investor who unfortunately fell for a cryptocurrency scam:
They were googling information about crypto brokerage firms and came across a paid advertising link that directed them to mantao.network. The site asked to connect to the investor’s wallet and the next thing they knew, 5 bitcoins were gone. The Bitcoin victim was unable to recover his coins.
This story highlights some common scams, including phishing, hacking, and identity theft – this website was created to confuse investors with the legitimate site Manta Network
In this post, we will explore the real problem cryptocurrency hackers face and provide you with 16 useful tips to stay safe from Bitcoin scams and frauds in 2024.
Table of contents
Why are scammers attracted to cryptocurrencies?
Before we get into the best tips for keeping your Bitcoin and cryptocurrencies safe, it might be helpful to understand why scammers bother with digital assets. I mean, isn’t everything we do online tracked, leaving a digital footprint of our every move?
Well, not in Decentralized finance.
This very point, decentralization and lack of regulation, is what attracts many people to cryptocurrencies, but it is also what It makes hacking, fraud and phishing more attractive to cybercriminals.
It is difficult to track them down, find them and prosecute them.
Another point that unfortunately helps these scammers is the lack of familiarity with technology, especially for elderly investors who are new and unfamiliar users of technology and the Internet, as their weak point is a gold mine for online scammers.
Our Top Tips for Staying Safe from Bitcoin Scams
As Bitcoin and other cryptocurrencies gain momentum in 2024, you need to learn how to protect your cryptocurrencies. Whether you’re a new investor in the world of digital assets or consider yourself a seasoned veteran, you can never be too safe or too vigilant.
Here is our list. 16 Essential Tips to Always Keep You One Step Ahead of Bitcoin Scams In 2024:
1. Fortify your home computer
First and foremost, make sure your home computer is a secure digital vault that no one else can access. Using top-notch security measures is the best thing you can do to protect yourself and is your first line of defense.
Our recommendation is to use an open source operating system, such as Linux or one of its versions. Download it using a USB drive to help keep everything “offline”. With this open source operating system, you can download exchanges and securely transfer BTC, Ether and other currencies to secure cold wallets.
☝️ Additional adviceMake sure to disable or cover your laptop cameras or computer webcams for added security.
2. Use cold wallets
When considering how to store your bitcoins, there are a number of cold wallets on the market, but many of them have electronic components. Consider using a cold wallet that is not electronic to store your cryptocurrency, as these offline wallets are your best bet against online hacking attempts. Cold wallets, such as Material Bitcoin, offer a non-electronic wallet to store your cryptocurrency securely for the long term.
3. Protect your private key
Your private key, seed phrases, and PIN are sacred. Sharing them is like giving the collection to your vault.
So, our motto here is simple: Keep it a secret, keep it in a safe place, and don’t even tell your mother about it.
4. Update your security software regularly.
For tip #1, make sure your computer and its security system software are always up to date to keep it as secure as possible.
5. Use two-factor authentication
Many hackers will try to gain access to your accounts by obtaining sensitive personal information. Adding an extra layer of security with two-factor authentication (2FA) can help reduce the risk of unauthorized access. Now, even if your password or PIN is leaked, you can rely on your fingerprint or text with secondary code to protect you!
6. Check websites and emails
Always double-check websites and emails, especially when they ask for personal information. You may be wondering, “What does my email have to do with my cryptocurrency?” – well, keep in mind that many exchanges rely on your email address to communicate with you. Which brings us to our next tip…
7. Educate yourself about phishing scams.
Knowledge is power.
Learn what phishing scams are so you can recognize and avoid them. Remember the story we shared earlier about the California investor? Don’t make the same mistake and enter your email address, wallet information, and addresses in emails or websites, even if they look professional and legitimate.
☝️ Pro tip: Always check the sender’s email address to compare it with the official website that contacts you. The fake website or email may look legitimate, but a telltale sign of a scam will always be strange contact information.
This also applies to cold calls and emails.
8. Beware of social media scams
Social media is another platform that is full of scammers. We always suggest being cautious and verifying the legitimacy of any cryptocurrency-related offers or information shared on these platforms.
Scammers can pose as “investment experts” so be aware of who is real and who is not.
9. If it seems too good to be true, it probably is!
always Treat unsolicited offers with skepticism.In this day and age, many people find themselves looking to YouTube videos and blogs, like ours, for advice and to educate themselves about the world of crypto.
But don’t believe for a second anyone, anywhere, who tells you they can double your crypto or share the “next big thing” if you give them access to your keys or accounts.
It’s natural to be drawn to these offers, but remember: If it were that easy, everyone would be a millionaire!
10. Do not disclose your personal information
This advice should be clear…titles, mother’s maiden name, birthdays, etc.
Just don’t do it 🙅
11. Use secure networks
Do not conduct cryptocurrency transactions over public or unsecured Wi-Fi networks.Always choose a secure and private connection, such as a Linux connection, or consider VPN connections as a secure alternative.
❗Remember, if you are connected to the Internet, you are vulnerable to hacking❗
12. Know your accounts
While this may seem like an obvious statement, some people make an initial investment in cryptocurrencies and then throw away the keys. Our advice is to keep a close eye on your wallets and accounts over time, as knowing your incoming and outgoing investments can help spot any scams early.
13. Diversify your investments
Diversifying your cryptocurrency investments is not only a smart investment strategy, it’s also a way to protect yourself in case you fall victim to a scam. If all of your assets are in one place and your account is hacked, you could be in a situation where all of your cryptocurrencies could be compromised.
If you are wondering How to Build a Cryptocurrency WalletTry to venture into various currencies, altcoins, tokens, and NFTs, but a useful golden rule is to rely on multiple hardware wallets to split assets for long-term storage of your cryptocurrencies.
14. Stay connected to a reputable crypto community.
Being part of a cryptocurrency community, where other investors and crypto enthusiasts can share their experiences about new exchanges, wallets, or investment opportunities, is a great way to keep up with new scam trends and stay aware of potential risks.
We have a community on Telegram where we warn about these types of issues; you can join us here.
15. Do your research!
Before investing in any cryptocurrency project, be sure to do your due diligence to fully understand the new project, token, or coin. For example, look at what happened with Squid Coin (named after the popular Netflix show The Squid Games), where people were asked to buy cryptocurrencies upfront to play the game with the promise of earning more later and exchanging them for other cryptocurrencies, such as BTC.
Needless to say, at some point, trading stopped and money disappeared from people’s accounts. It is estimated that the scammers made around $3 million from the cryptocurrency scam.
16. Use trusted exchanges and wallets
It is widely known that exchanges are good for day trading but they should not be the place where you store your cryptocurrencies in large quantities for the long term. For this reason, it is better to rely on the security of cold hardware wallets. When choosing the best Bitcoin wallets, stick to well-known and respected crypto hardware wallets, such as Material for storing BTC, Ether, and USDT.
Why choose Bitcoin?
protection: Having a cold hardware wallet gives you a sense of security, but a Material Bitcoin wallet also gives you more than just physical protection. It incorporates the latest encryption technology to protect your investments from digital threats, has no electronic components, and is never connected to the internet.
Reliable Customer Service: With a live chat option, 24/7 customer service representative, and Telegram community group, you will never be left in the dark about any suspicions or reports of suspected scams.
resources: The material provides a wide range of tutorials and videos to support you throughout your cryptocurrency investing journey.
bottom line
Anyone can fall victim to these scams. Whether they are predatory “investment brokers” trying to take control of your assets, promising you huge rewards; or scammers looking for confidential information such as usernames, passwords or private keys, no one is safe.
Stay informed, up-to-date and keep your assets offline. Keeping your cryptocurrencies in a cold wallet is your best bet for long-term storage, and finally, don’t give out any personal information to anyone.
