Crypto Scams are a global issue

[Naida_BR]

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/

The system is transparent and countries are established entities.
Scams usually happen when the scammer is anonymous or they try to raise funds through an ICO.
Neither or the latest will ever a country do, especially another respected country. However, I would agree that we need more compliance if we want to see the system work flawlessly.

[alyssa85]

Fraud is now really a very big problem for the normal use of cryptocurrency. This is mainly due to two reasons - the slow legalization of cryptocurrency by states and the use of the Internet for fraud, in which it is not so easy to find a criminal, given that he can be anywhere in the world, and disasters of law enforcement agencies are limited by the physical boundaries of the state . This problem can be solved when the states themselves are included in the fight against fraud in cryptocurrency activities, and also establish clear rules for its use and establish clear rights and obligations of participants in the cryptocurrency market.

Fraud is really big in credit cards too. The difference is that credit card companies eat the costs and don't publicise the losses because they don't want to scare customers away from using their cards.

As for fraud in the crypto space - there are a few things people can do to protect themselves.

Don't keep money on exchanges. Use a different password for every exchange in case data is being stolen by an employee of the exchange (rather than outside hacking). Encrypt your wallet. Be careful when you click on results in Google - the top results are ads and often ads for phishing companies. And never never never click on links in emails. Instead bookmark the urls of the exchanges you use, and access them only through your bookmarks.

[FlightyPouch]

Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

Before you post that here, be sure you've read the article first.

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

Well, we can't say fully but there are a lot of countries that already accepted Bitcoin in their country, well to be exact, legalized Bitcoin in their country. But the fact that there are a lot of exchanges that are being hacked, we can't be sure how much this will affect the people around it to use Bitcoin. Crimes regarding these will increase for sure so as a user of it, we should be wary of it and be knowledgeable about how we could protect out Bitcoins from these hackers and scammers.

[VanDeinsberg12]

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

Well, we can't say fully but there are a lot of countries that already accepted Bitcoin in their country, well to be exact, legalized Bitcoin in their country. But the fact that there are a lot of exchanges that are being hacked, we can't be sure how much this will affect the people around it to use Bitcoin. Crimes regarding these will increase for sure so as a user of it, we should be wary of it and be knowledgeable about how we could protect out Bitcoins from these hackers and scammers.

If you need a real example and i can give you one right now about how the hacked case of exchange site will give a negative impact to the bitcoin. If you remember the last week drop in bitcoin and it caused by the hacked case combined with tether and bitfinex scandal that already happened and this time bitfinex has fallen. Remember about crypto has used encryption that attracts scammers. They get real-time encryption and consider anything in the crypto encrypted by SHA256.
Someone above you may be wrong about the agency that can help to track and prevent it because it's too difficult without any help from the 3rd party like exchange site to track it. I mostly agree with your last words about anybody's knowledge is something that can determine a lot in this case.

[Kemarit]

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/

Just like any sector in the world, scammers will be there to exploit unsuspecting victims. So definitely we will see more scams, so we need to be very attentive and don't be another statistics. As far as companies stepping in? It is called regulations, it has been a subject of debate for many years. It has pros and cons but in the end, it is still up to us not to fall for this so called scams in crypto sphere.

[joeperry]

A company might help in regards with this situation but I believe on saying that if there's an idiot there will be a scammer. So for what I've known the main reason that there are scammers is because there are peoples who are not aware or doesn't have enough knowledge on something.

So I think the problem is with the people they don't have enough knowledge and experiences that's why some people are taking advantage on there ignorance. I believe all people started ignorant and in order to cure this a knowledge at a certain matter should be achieved and from that the crime will reduce if all people have enough knowledge.

What do you think?

[rizkyhiw]

Indeed this is a very big and serious problem where investor confidence will be damaged by widespread fraud everywhere and I hope there is support from any party to resolve this problem so that we can move forward cleanly, maybe for now we still in the repair phase in the sense that it is still in process, we are only advised to remain cautious about fraud everywhere.

[Lucius]

There is no doubt that any abuse should be prevented when it comes to cryptocurrency which is still pretty gray zone, and this is something which is a stimulus for a large number of scams. If you allow someone to steal a large amount of money and chances to be caught and punished are very little or almost do not exist, do you think that some bad people will not use such chance?

To prevent frauds which include cryptocurrency we need better and tight regulation, but this is in same time something that threatens privacy of users, because most people do not like KYC and they want to keep a certain degree of privacy regardless of everything.

I agree that crypto scams represent a global problem, but if we compared all crypto scams from first day of bitcoin until today they are rather insignificant in comparison with scams related to fiat.

[GreenStox]

I think from various countries that prohibit using cryptocurrency it does give bad statements like this, they try to exert influence on society if cryptocurrency is bad by providing various articles that say cryptocurreny is a scam global currency.

[--DarkSecrets--]

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/

Scams are everywhere and i think compliance will have a little help to filter those who tries to do fraudulent or scamming. In general, more scam will come up as the technology becomes more advance anyone can do scam as long as he can do it with his skills not only asking money for investors but also in other for of scamming. The best move for this scams is to be smart and always double check before anything else.

[Slow death]

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/

Knives most common weapon in violent crime

The Use of Weapons in Committing Crimes

you can see that anything can be used to commit crimes. The problem is with people who are bad people.

[wuvdoll]

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/

It doesn't have to have a global solution neither, as long as its a global problem that people scam each other there should be at least one person that scammer scammed from their own country and as long as countries have legal tender stating crypto scams are as equally bad as fiat scams than we will not have any trouble.

The issue is how did you get scammed, if its a one on one scam that you lost money to someone than you may not get that money back but that would be quite similar on anything including paypal, there has been many scams including regular fiat as well that went viral and global too but if the scale gets bigger and involves more people than 1 then that person usually gets caught because they tend to not scam just foreigners but scam their own countrymen too which result with them going to jail.

[jak3]

crypto scams are everywhere it's up to you that you want to get scam or not. if talking about this forum most people get scammed by trusting lower ranked users so why do you even trust them. do not lend them money or do not trust with any amount of money if you see any potential of scam. just like how banks do it they take some collateral and when someone defaults on their payments they just sell the collateral and get profit.

[DeadCoin]

I would say yes as crypto is completely involved with just money. The growth of a nation is decided upon its wealth. Its citizens' growth depends on their wealth they hold. When the investors / citizens are scammed of, they obviously loose everything and on the other hand the nation and globe are in trouble if you deeply look into it.

[Adriano2010]

Indeed this is a huge problem, and a lot of scams, i think most of scammer come to scam on crypto because they are hard to track and to know where are the coins stealed, but i also think people who are in crypto should take more precaution measure and this will reduce scam attemps a lot.

[samridhi20]

I see enough of people calling cryptocurrencies scams . I know that the the crypto space has witnessed many scams but it does not means the whole industry should be labeled as scams .It just shows the negligence on part of such people who refuse to give some time learning about new revolution and that is because such people have pre conceived  notions strongly etched in their mind. so i acknowledge that fact and thats why i m here to tell you about some of the most common forms in which crypto scams possiple .one is fake icos ,shady exchanges,fake wallets etc .so scams are present in all indutries .so global issue is lack of knowledge about crytpto scams

[chenille]

The best part is to do education to detect scams. Most of them can be avoided if you know how the scammers will fool you. Only few of them are really professional where you can't do anything as educated user. The large number of scammer is just dumb using the same tricks all the day and still there are people getting scammed. The rules are easy and not difficult to learn

- don't store your coins in exchanges, they can be hacked
- don't generate your private key where it's not secure
- don't send your private key to anyone
- check the url of the website and don't get phished
- don't click on every link on the internet, verify before
- if an investment offers high returns it's mostly a scam
- don't send funds to strangers first

People have just to be more carefully where they sent their money. If someone is educated most of the scams won't harm you because it's easy to see the scam. Education is the best weapon against scammers and much better than useless regulations.

[Bezobraznike]

Scams are everywhere and it's very easy to implement a project scam in the cryptocurrency world because it is being done on the internet. The Internet can be used as a tool of scamming people especially when people get attracted to profit. Since then, I encountered a lot of scam projects for not paying the bounty hunters or the participants of the said project. I also participated in debunking a scam project to its lack of proof of legitimacy.

It's a big issue and very hard to be solved since it's being done globally and we can't control it instantly.

   That's right. The main problem is that people are still not enough educated about internet and things around it.
Meanwhile there are people who without any special scills find a way to scam people from the first group on the internet.
   I would also add that the justice in the case of internet scammers doesn't work perfectly in every country.
That's why we still may watch so many cases and so many victims.

[Sirait]

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/

one thing that must be understood is that even without crypto the criminals can still commit fraud and money laundering. but the advantages of crypto are that their crimes have tracked all, thanks to the Blockchain technology.  in the future, I really hope the government can use crypto and Blockchain technology to track the crimes of criminals and not assume that crypto is a threat.

[rijaljun]

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/

It is a global issue which the whole world can't fix. Few countries succeed to fight it but others are still struggle to put those scammer into a jail. That's why some countries is banning anything related to crypto, they are just trying to save their people from falling into a scam. I don't think we need more compliance from companies, but we need government to pay more attention to fight this issue.