Crypto Scams are a global issue

[panganib999]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Even now that the global transactions ia not yet accepted and allowed scams and cyber mcirmea are alaready evident and are in fact doing it greatly beause scammers and whoever they are that is behind these schemes are getting smarter and smarter, they evem make it seem legit and not very suspicous so that people would still fall into it.

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[AicecreaME]

Well, this issue will end soon?

I will never end as in every investment type in the business world, scammers are just around the corner.
What we have to do is to study first before putting our money, this is what we called, " prevention is better than the cure".

If most investors are not careful and they ensure they have a knowledge before investing, this market will be better.
Scammers will still remain but the scams rate will significantly go down.

Even now there are still so many crimes about crypto. because it covers the whole world, the outlaws out there certainly won't stay quiet to find their prey by mingling and studying this system. Until now all kinds of prevention have been carried out, and are still being developed, so until now we also need to improve our quality in choosing projects, or where we invest in the internet. however, we need to try to be smarter, and better than the con artists in the world.

As technology rises, people are taking the advantages of it, others use it on good things while other use it in bad thing. Cryptocurrency scam is harder to fix than fixing poverty problem, why is that, it is because poverty is only a single problem while scams is a group, authorities might caught some of them but think that there's a lot of scammers and new scammers as the day goes by.

The best thing we could do to counter them is be attentive and increase our awareness by not trusting too fast when transacting online.

[Kevondo]

Many complain about the high level of scams going on in the market but the same is happening with credit cards, hackers are taking advantage of the lack of culture when it comes to online security and they are making themselves rich in this way.

But the problem is even more acute in this market because as we know there is not a central authority that will protect you in the case you lose your coins, we were supposed to take that role and it seems many people are failing at that task.

You can't really compare the ICO scams with credit card hacks and all, because nowadays a majority of the ICOs are turning out to be scams. For comparison, in case you are using a credit card, what is the possibility of it getting hacked in a given year? I am not saying that credit card hacks are rare, but when compared to the frequency of scams in the ICO sector, such incidents would look like exceptions.

And during the past several years, the scammers have managed to pull multi-billion USD worth of scams using cryptocurrency. The best example is that of the PLUS Token scam, which is believed to have stolen more than $3 billion from tens of thousands of users. With cryptocurrency scams getting bigger and bigger, it is no longer possible for us to sweep them under the carpet.

Indeed the domains are different and the ways to pull scams are also different. Moreover, I will call the card frauds as hacks, which can not be done by simple developers or common people. In cyber space, the number of ways for committing attacks are more than the defense. All sort of cyber crimes are increasing in number. The safety of individuals is in their own hands. They should not take their actions lightly in digital world.

[Tungsten-1]

If you look at any payment mechanism which is online and uses phones and internet, the scam rates are pretty high. Because it is easier to get into a device through Trojans or phishing sites and hack a system. Also, it is easier to manipulate people on internet into giving details as digital literacy is there but that efficiently. The situation is worse in crypto because it is more complex and requires understanding of wallets, exchanges and keys which is tough to understand. Moreover, there is no central authority to look after the crimes. This increases the problem.

Many complain about the high level of scams going on in the market but the same is happening with credit cards, hackers are taking advantage of the lack of culture when it comes to online security and they are making themselves rich in this way.

But the problem is even more acute in this market because as we know there is not a central authority that will protect you in the case you lose your coins, we were supposed to take that role and it seems many people are failing at that task.

The problem of scamming of cyber crimes is happening in every kind of market. It is not limited to crypto market only as you said; I believe anything connected to internet is prone to scamming or hacking. We cannot completely stop because even in centralized systems, people get scammed of their plastic money but we can take measures to avoid such mishaps. For crypto, we shall prefer offline wallets, avoid sharing keys with others and avoid talking about your assets on platforms.

[FaMouS8828]

In crypto worlds really a lot of scams compared with other ways and it's really simple to understand - cryptocurrencies don't control by any government and bitcoin or altcoins much easier steal from people.

[Oneandpure]

If you look at any payment mechanism which is online and uses phones and internet, the scam rates are pretty high. Because it is easier to get into a device through Trojans or phishing sites and hack a system. Also, it is easier to manipulate people on internet into giving details as digital literacy is there but that efficiently. The situation is worse in crypto because it is more complex and requires understanding of wallets, exchanges and keys which is tough to understand. Moreover, there is no central authority to look after the crimes. This increases the problem.

Many complain about the high level of scams going on in the market but the same is happening with credit cards, hackers are taking advantage of the lack of culture when it comes to online security and they are making themselves rich in this way.

But the problem is even more acute in this market because as we know there is not a central authority that will protect you in the case you lose your coins, we were supposed to take that role and it seems many people are failing at that task.

The problem of scamming of cyber crimes is happening in every kind of market. It is not limited to crypto market only as you said; I believe anything connected to internet is prone to scamming or hacking. We cannot completely stop because even in centralized systems, people get scammed of their plastic money but we can take measures to avoid such mishaps. For crypto, we shall prefer offline wallets, avoid sharing keys with others and avoid talking about your assets on platforms.

Many exchange market have been scam least one year and people claimed with crypto is scam, but fact only several exchange market have scam with their assets hack or just playing drama to public. Many people think crypto is scam and not safety for investing and give bad effect with bitcoin and altcoin price still down until now, need support to exchange market safety for their assets and never playing drama with hack account and their balance.

[Aabcde]

Yes, indeed this is a problem if scams continue to occur between countries. But, this raises the question for me that with what purpose do we transfer between countries? If the goal is to invest in ICO or IEO, and a scam happens, then this could be a serious problem.
But if you transfer personally, how can you just trust people you have never seen before in terms of giving funds. If we doubt it, it's better to use Escrow. And Escrow doesn't have to be a company. If the company is involved surely regulations will emerge. This is the same as transferring fiat between countries. Then what's the difference?

[GideonGono]

In crypto worlds really a lot of scams compared with other ways and it's really simple to understand - cryptocurrencies don't control by any government and bitcoin or altcoins much easier steal from people.

Much easier to scam because a lot of people easily trust online situation so that, they are easily invest from a simple world.

From one person do participate, a lot can do also because they trust a company if someone do invest on it so some cases create a scam because there are one or some person do invest even they didn't know if it was going on or not.

[Fappanu]

Today's scams are getting worse as more and more new investors try to invest in crypto. So someone should be able to stop it here but who?

We know that we have no ability to locate these scammers because the crypto currency is anonymous. So I think there is no hope for it to stop and all we can do now is be careful so that we do not fall victim to these scams.

[Vishnu.Reang]

Today's scams are getting worse as more and more new investors try to invest in crypto. So someone should be able to stop it here but who?

We know that we have no ability to locate these scammers because the crypto currency is anonymous. So I think there is no hope for it to stop and all we can do now is be careful so that we do not fall victim to these scams.

In most of the cases, it is the new users who fall victim to these scams. Ideally people should thoroughly study a project before investing in it. But many of the noobs are either too lazy to do that, or trustworthy of the strangers. In both cases they learn the lesson only after losing their hard earned savings. There is a limit to what we can do, by creating awareness. The investors need to get educated about cryptocurrency first.

[syamster]

Today's scams are getting worse as more and more new investors try to invest in crypto. So someone should be able to stop it here but who?

We know that we have no ability to locate these scammers because the crypto currency is anonymous. So I think there is no hope for it to stop and all we can do now is be careful so that we do not fall victim to these scams.

In most of the cases, it is the new users who fall victim to these scams. Ideally people should thoroughly study a project before investing in it. But many of the noobs are either too lazy to do that, or trustworthy of the strangers. In both cases they learn the lesson only after losing their hard earned savings. There is a limit to what we can do, by creating awareness. The investors need to get educated about cryptocurrency first.

yeah that's make a sense that the scammers always scam the new people and careless one, i think after studying a project keenly we should easily comment about a particular project that whether it scam or not, but the new investor do not understand most of the things and they just ignore them and thus become the victim of scams, so the basic thing is to get completely aware about the project and try to get knowledge from the past legit projects.

[nydiacaskey01]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

[Mumbeeptind1963]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

Yes indeed! They really dont care about affecting others life. That is why some government dont want to consider cryptocurrency now, crimes, terrorism will be one of the reasons that hinders them. They could not trace it nor find the source of any illegal transactions because of the anonymity it could be hard for them. we can be also affected by their wrong doings, market will crash because of that.

[tambok]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

Yes indeed! They really dont care about affecting others life. That is why some government dont want to consider cryptocurrency now, crimes, terrorism will be one of the reasons that hinders them. They could not trace it nor find the source of any illegal transactions because of the anonymity it could be hard for them.

Why would they care since their main source of income is to scam people, they cannot scam if they found out that they can't manipulate the minds of people, so it should be up to our hands how they are going to dwell with those scammers, be very careful and let us always remind ourselves that we should give 'benefit of the doubt' for every person we are facing at and to every project we are dealing with.

[Pamadar]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

Yes indeed! They really dont care about affecting others life. That is why some government dont want to consider cryptocurrency now, crimes, terrorism will be one of the reasons that hinders them. They could not trace it nor find the source of any illegal transactions because of the anonymity it could be hard for them.

Issue like this also found inside fiat and other means for transactions. Scammers will keep finding venues where they can do their business.
It shouldn't be single out and shouldn't be the reasons in why government is preventing this system to exist. There's always a ways whatever
means of transactions scammers will use, if the government is keen to arrest those scammers it still possible and workable behind their jurisdicted
areas.

[logicgate]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

  This is time to realize that scamming is not related to technologies or systems, it is issue with the mentality of people. As you stated, as long as people think evil scamming would be there. We shall not only educate people about bad effects so shortcut earnings but also secure our systems in order to protect innocent people. Bitcoin is just a technology it is not directing people towards scamming rather it is sick mentality of users.

[senne]

Cryptocurrencies aren't that big a thing that there will be much compliance put in place for looking over the global crypto scam and fraud issues. The scam rate has almost doubled this year. The main reason behind is that the crypto is bit technical when it comes to storing it or transacting it. Many people get scammed at this stage. Then the online viruses or phishing websites are problem too as most of the people store their crypto on mobile or desktop wallet. Plus, there are fraud exchanges.
I believe a third party interference is important in order to curb this increasing rate of fraud in crypto which is keeping many people away from crypto.

[AicecreaME]

Cryptocurrencies aren't that big a thing that there will be much compliance put in place for looking over the global crypto scam and fraud issues. The scam rate has almost doubled this year. The main reason behind is that the crypto is bit technical when it comes to storing it or transacting it. Many people get scammed at this stage. Then the online viruses or phishing websites are problem too as most of the people store their crypto on mobile or desktop wallet. Plus, there are fraud exchanges.
I believe a third party interference is important in order to curb this increasing rate of fraud in crypto which is keeping many people away from crypto.

I agree, even here in my country, people are scamming people by creating a scheme using bitcoin's name to attract investors (mostly people who love things that is too good to be true), and they are only paying them once to attract even more fish to their trap, then catch them with their bait (broken promises) the last thing they will do is to run, which is so dumb because they've exposed their faces to their customer personally even conducted seminars according to their scheme, but still manage to commit scamming, the result, they ended up in jail and all of their "efforts" is the one who putted them behind bars, how funny is that.

[asus09]

With or without Bitcoin, scammers will find a way to scam people and let us not blame Bitcoin for that. As long as there are gullible people around who believes in easy money and get rich quick schemes this scammers will continue to multiply. To stop this kind of schemes what we need is to educate people on how to handle their money properly and how to make it grow legally.

  This is time to realize that scamming is not related to technologies or systems, it is issue with the mentality of people. As you stated, as long as people think evil scamming would be there. We shall not only educate people about bad effects so shortcut earnings but also secure our systems in order to protect innocent people. Bitcoin is just a technology it is not directing people towards scamming rather it is sick mentality of users.

Only issues giving bad news with bitcoin become scam global, many people want to give bad news with scam crypto but never give valid website and source link scam crypto, they are trying how to make people panic for selling assets with lower price. Never heard use from any one give news with crypto are global scam issues.

[BartS]

Many complain about the high level of scams going on in the market but the same is happening with credit cards, hackers are taking advantage of the lack of culture when it comes to online security and they are making themselves rich in this way.

But the problem is even more acute in this market because as we know there is not a central authority that will protect you in the case you lose your coins, we were supposed to take that role and it seems many people are failing at that task.

You can't really compare the ICO scams with credit card hacks and all, because nowadays a majority of the ICOs are turning out to be scams. For comparison, in case you are using a credit card, what is the possibility of it getting hacked in a given year? I am not saying that credit card hacks are rare, but when compared to the frequency of scams in the ICO sector, such incidents would look like exceptions.

And during the past several years, the scammers have managed to pull multi-billion USD worth of scams using cryptocurrency. The best example is that of the PLUS Token scam, which is believed to have stolen more than $3 billion from tens of thousands of users. With cryptocurrency scams getting bigger and bigger, it is no longer possible for us to sweep them under the carpet.

I can compare them, even if there are high probabilities of being scammed if you invest in icos my point is that any form of digital payment is subject to the same security issues hackers can exploit and the only way to completely avoid this is to use cash or gold.

But we are not going back to those days and that means that regardless if there is a centralized institution behind you or not people need to take responsibility of what they do online with their computers and this is not only a problem of this market but of every market.