Possible solutions to avoid cryptocurrency scams

[blockchainponzi]

Over time, cryptocurrency scams have become very popular and also the frequency of them has increased. Cryptocurrency scams are mainly successful mainly because there is no mechanism to check for fraud detection, and once the fraud has occurred, there is little recourse that can be made to recover the funds stolen.

The only way forward to avoid them would be to enforce strong regulation and have offchain identity system like Concordium enforces. This would discourage the malicious actor to be easily identified, since every wallet will be linked to a real world Identity without publicly revealing them.

Making sure to enable 2 factor Authentication and having strong passwords are also some of the common security practices to follow. But making sure we have inbuilt secuirty featyres like I mentione earlier would make crypto safe and secure for even the not so technical crowd.

[Poker Player]

Strong regulation may help a bit but there are also many scams with fiat, so I don't think it's going to solve the problem. The same would happen with linking an identity.

I don't know about Concordium but some of us want cryptocurrencies that have a certain degree of anonimity. I can do electronic payments with fiat money, even central banks are planning to create fiat cryptocurrencies.

If cryptos are to succeed it is because they are essentially different from fiat electronic payments.

[Dorodha]

After the discovery of Bitcoin, everyone became very interested in cryptocurrency many technologists and economists say that just as the Internet has revolutionized the world of media, so too has cryptocurrency revolutionized economics and economics. Its use is so widespread that there will be more improvements in the future but it will be much harder to solve the problem of scammers. The more the demand for crypto increases the more scams there will be. If Fiat becomes a currency and becomes legal scams will be less but it will take a long time.

[boyptc]

Making sure to enable 2 factor Authentication and having strong passwords are also some of the common security practices to follow. But making sure we have inbuilt secuirty featyres like I mentione earlier would make crypto safe and secure for even the not so technical crowd.

It's surprising that many people in crypto still don't activate their 2FA in exchanges or with their wallets. It's very important to have it.

And to avoid scams and phishing, you should also be knowledgeable with those to easily flee from them.

[fourpiece]

These are the things i know  on how to avoid scam
Never believe in investment projects  were you gain 30%weekly
Do not entertain people who offers you  free money
Activate 2fa if you have wallets or accounts on exchanges.

[Ada2020]

Maybe it’s the best way to control your greedy desires, but this may also be the hardest

[Naida_BR]

There will be always scams in the cryptocurrency space all this time that Bitcoin exists.
The first step came when ICOs came to place and scammers found an easy way of making money. Now that DeFi is popular people turn to HYIP and try to farm coins that offer big returns without giving anything back.
The best way to avoid those scams is to always thing the saying "It is too good to be true". If it actually is, then avoid it and do not invest...

[okala]

Thank you for sharing this with us @op and if you have suffered from scamming before you will relate with what op has said. I noticed that most people that suffer from scams did not also trade safe. We have to always rise an eye bow on anything that is too good to be truth.

[jrrsparkles]

Over time, cryptocurrency scams have become very popular and also the frequency of them has increased. Cryptocurrency scams are mainly successful mainly because there is no mechanism to check for fraud detection, and once the fraud has occurred, there is little recourse that can be made to recover the funds stolen.

The only way forward to avoid them would be to enforce strong regulation and have offchain identity system like Concordium enforces. This would discourage the malicious actor to be easily identified, since every wallet will be linked to a real world Identity without publicly revealing them.

Making sure to enable 2 factor Authentication and having strong passwords are also some of the common security practices to follow. But making sure we have inbuilt secuirty featyres like I mentione earlier would make crypto safe and secure for even the not so technical crowd.

So it means every crypto users in the world are giving their identity to someone with the hope they won't be revealing it to the public but still they know the details of everyone and it is more dangerous than traditional banking system because we have strong regulations and punishment against data theft but here you are going to do with no such issues?

[Vod]

Over time, cryptocurrency scams have become very popular and also the frequency of them has increased. Cryptocurrency scams are mainly successful mainly because there is no mechanism to check for fraud detection, and once the fraud has occurred, there is little recourse that can be made to recover the funds stolen.

The only way forward to avoid them would be to enforce strong regulation and have offchain identity system like Concordium enforces. This would discourage the malicious actor to be easily identified, since every wallet will be linked to a real world Identity without publicly revealing them.

You can prevent scams without a offline identity system.   Regulation would only bring a false sense of security.

Also, just because crypto is irreversible, doesn't mean you won't get your coins back.  You might have to cut your losses on a small scam, but larger ones involving millions of dollars get traced and prosecuted.  Look at the pirate and passthrough ponzis - both scammers were identified.

[AmyCo]

I don't believe any legal regulations will eventually help to avoid scams... If the crypto system goes under government, than it's the government who will scam you.

Just saying...

Call me naive, but I do believe that people can be responsible and understanding. Scams are just unhappy people, huh

[peter0425]

The best way to prevent scams?there are only few aside from the mentioned above,those are

- Avoid being greedy,never believe in good to be true promises that will lead you to become more greedy.

- Be knowledgeable ,better learn everything specially the right manner of approach so you will feel if the offer is Scam or not.

[iamsheikhadil]

I think having an identity associated with wallets would not be good for crypto because crypto encourages privacy and anonymity. More often than not, it is we who are not paying attention carefully and fall for scams which could have been avoided if we were not greedy because most scams use our greed factor, like "guaranteed 100% profit in 7 days!" , these type of scams where we don't do our research and common sense, we are to blame ourselves if we become victim.

And it's also similarly really very important to backup your wallets, and use a cold wallet, create very strong passwords to avoid getting your wallets compromised!

[CryptocurencyKing]

The best way to avoid falling victim to scam is not to be in a haste to clicking every link you come across on the web or maybe directed to you. Your your own best security against scam and it would do you a lot of good to activate the 2FA security verification system.

[boyptc]

The best way to avoid falling victim to scam is not to be in a haste to clicking every link you come across on the web or maybe directed to you. Your your own best security against scam and it would do you a lot of good to activate the 2FA security verification system.

In emails, they are rampant.

Whoever is collecting the emails of everyone and saves it as part of their plan. Don't click those links as it will potentially install a malware.

And it will do harm to your PC files and can get your very much important details.