Why Technical Knowledge Alone Does Not Protect People From Scams.

[LuckyCrypto777]

This thread came about because of the conversation I had with my friends yesterday. At least one of my friends stated that most people get scammed because they don't know much of technical things.

I can partly agree with him, as indeed, not knowing much, or not knowing about technical things can make it easier to be scammed by someone.  However, there are also many cases where technical skilled individuals still fall victim to fraud.

So, if technical knowledge is not enough what else is needed? Imo, what I think is needed are: critical thinking, emotional control, patient and healthy skepticism, because scammers mostly succeed because they explore human psychology rather than technical weakness. therefore,  greed, trust, fears, urgency and overconfidence are some of the common tools used by scammers.

Understanding how wallet works, and how signature and blockchain transactions work is perfectly ok, but it doesn't prevent you from being manipulated. So, feel free to give your 2 cents on this discussion.

There are two cases when a technically strong specialist will be deceived.
Firstly, this is if deception methods are used against him as a person and not as a specialist. For example, if he gets a phone call, or he gets caught on a phishing link. After all, excellent technical specialists are not always attentive and collected people.
And secondly, this is if there are bugs in the already time-tested bubut systems. As it was with ColdCard. After all, a bitcoiner may be smart, but he won't do a review of the entire code of all the projects he uses.

[Cookdata]

There are two cases when a technically strong specialist will be deceived.
Firstly, this is if deception methods are used against him as a person and not as a specialist. For example, if he gets a phone call, or he gets caught on a phishing link. After all, excellent technical specialists are not always attentive and collected people.
And secondly, this is if there are bugs in the already time-tested bubut systems. As it was with ColdCard. After all, a bitcoiner may be smart, but he won't do a review of the entire code of all the projects he uses.

You can prevent the both tragedy actually and the first one is the easiest one. If you get phished through scams and links and phone call, then your privacy is poor. Nobody on the internet should have your mobile number and email. You can prepare yourself well and hide the email and phone number and be internet free from people that will call through phone call, email or even physical address. Some scammers can go as far as tracking your mailbox location to disguised as company that produce your hardware and ask for your seed phrase.

The second one was hardluck and unexpected, it wasn't found quickly, not everyone is a tech guy to verify firmware vulnerability. When there is firmware update about your wallet and the company maker does not release any note about a security updates, don't download and use the new version immediately until it becomes a stable version. An open source wallet is all you need or create an airgap wallet with your PC and you will have a generational wallet where you don't have to worry about firmware updates.

[boyptc]

Do not forget about being resourceful and researchful. These two can make someone who's not even technically knowledgeable safe and help to avoid the scams that they are not aware of.

Someone who keeps questioning and always verify things before making a decision can skip the scams that might not show red flat at first.

But because they're able to take care of themselves by being curious and applies these two, although it doesn't make them have the guaranteed safety.

Yet, that helps them to have a higher chance that they will be able to avoid scams and other tricks of fraudsters.

[Joy- maker]

The truth is that, scammers are not only targeting newbies alone but also those who are equally experienced users, those who have been around for a long time. So basically no one is safe, which is why everyone should always be only the lookout, and one of the best way to avoid being scammed is to avoid any opportunity that sounds or looks too good to be true, because that’s the easiest way many people have fallen into scams.

Despite the time I have spent on Bitcointalk and amount of knowledge I have acquired from its members, I was nearly scammed a few days ago. This was what happened, a long time friend of mine whom I haven't spoken to in a long time sent me a link, and he asked me to check the link out.

Since the link came from someone I knew I clicked on it to check it out, without realizing it was a phishing link. Later when I contacted my friend he told me that his telegram account was hacked a long time ago.

After I clicked on the phishing link I received a text message containing a code, and immediately a prompt appear asking me to enter the code. Believe when I say that I was not myself, I never realized what I was doing at that moment and the scammer gained access to my device, lucky there was no wallet on that device holding any cryptocurrency, if not I could have lost my long term holding to scammers.

What is the moral lesson? scammers are now operating on another level now, so we need to be very careful about who will trust. Don't blindly click on random links because they were sent to you by someone you know always verify first.

[Rgram]

Someone who keeps questioning and always verify things before making a decision can skip the scams that might not show red flat at first.

But because they're able to take care of themselves by being curious and applies these two, although it doesn't make them have the guaranteed safety.

The cryptocurrency space isn’t the place where you take action first and ask questions later. It’s an unforgiving space and one that offers no room for mistakes or corrections once the did is done. You are left with regrets and a decision on how to absorb and continue investing in the space.
That’s why, it’s idea you remain curious and suspicious of just any activity that comes to you unsolicited or feels too good to be true.

Your technical knowledge wouldn’t help after you’ve pressed send and confirmation has started or wouldn’t be of much use when an attacker has access to your keys, imported and has access to your wallet.

[Sulegzy39]

Anyone can actually avoid both tragedies, and the first is the easiest. If you are phished via scams, websites, or phone calls, your privacy is compromised. Nobody on the internet should have your mobile number or email address. You can prepare effectively by hiding your email and phone number and remaining online free from folks who call via phone, email, or even a physical location. Some scammers would even trace your mailbox location while impersonating the company that manufactures your gear and requesting your seed words.

The subsequent incident were unlucky and unpredictable; it was not discovered soon, and not everyone is a techie who can evaluate software weaknesses. When there is a firmware update for your wallet and the company creator does not offer a security update, do not install and use the new version until it is secure. You only need an open source wallet, or you may construct an airgap wallet with your PC and have a lifetime wallet that does not require a firmware upgrade.

[L E G E N D A R Y]

After I clicked on the phishing link I received a text message containing a code, and immediately a prompt appear asking me to enter the code. Believe when I say that I was not myself, I never realized what I was doing at that moment and the scammer gained access to my device, lucky there was no wallet on that device holding any cryptocurrency, if not I could have lost my long term holding to scammers.

Sometimes it’s not actually your wallets alone that’s at risk when scammers gain access to your device, they also gain access to your emails, mobile contact numbers of your friends, which they can target later on, there are several things that these scammers can use if they don’t find an wallets or bank account information. So if I were you, I’d be doing a full purge on my that device, try as much as possible to remove every sensitive information that may have been there, change your existing passwords and make sure your device is completely clean, because they could still be accessing your device without your knowledge and waiting for the perfect time to strike.

[SPIDERMAN008]

After I clicked on the phishing link I received a text message containing a code, and immediately a prompt appear asking me to enter the code. Believe when I say that I was not myself, I never realized what I was doing at that moment and the scammer gained access to my device, lucky there was no wallet on that device holding any cryptocurrency, if not I could have lost my long term holding to scammers.

Sometimes it’s not actually your wallets alone that’s at risk when scammers gain access to your device, they also gain access to your emails, mobile contact numbers of your friends, which they can target later on, there are several things that these scammers can use if they don’t find an wallets or bank account information. So if I were you, I’d be doing a full purge on my that device, try as much as possible to remove every sensitive information that may have been there, change your existing passwords and make sure your device is completely clean, because they could still be accessing your device without your knowledge and waiting for the perfect time to strike.

Hackers are now so smart that once you are hacked, they will have access to everything before you can clean your device. They run a program and instantly take control of your email, social media and other accounts in a very short time. Then you no longer have the opportunity to change your password. Their device act as your primary device.

I think the safest way is that if you have a large amount of crypto in your wallet, it is better to keep the wallet offline. If an investor is holding Bitcoin, if he keeps buying Bitcoin regularly in exchange , he will keep sending Bitcoin to his wallet from the exchange. If the wallet is offline, he can access it later by just keeping the seed phrase in the backup. This seems more convenient and safe to me.

[SquirrelJulietGarden]

I think the safest way is that if you have a large amount of crypto in your wallet, it is better to keep the wallet offline. If an investor is holding Bitcoin, if he keeps buying Bitcoin regularly in exchange , he will keep sending Bitcoin to his wallet from the exchange. If the wallet is offline, he can access it later by just keeping the seed phrase in the backup. This seems more convenient and safe to me.

Use cold wallets, air-gapped devices for storing your wallets and bitcoins.

If you store your bitcoin in hot wallets, there are more risks on your devices and with connection to Internet, so that your hot wallets will possibly be compromised.

List of open source hardware wallets.
[GUIDE] How to buy a Hardware Wallet the right way.
[Guide] Creating a cold storage wallet.
21 tips for securing your bitcoin.
The dos and don'ts of bitcoin key management.

Many people still don't truly understand what are air-gapped devices.
[Guide] Secure air-gapped crypto wallet storage method.

[L E G E N D A R Y]

I think the safest way is that if you have a large amount of crypto in your wallet, it is better to keep the wallet offline. If an investor is holding Bitcoin, if he keeps buying Bitcoin regularly in exchange , he will keep sending Bitcoin to his wallet from the exchange. If the wallet is offline, he can access it later by just keeping the seed phrase in the backup. This seems more convenient and safe to me.

Again, that’s why it’s very dangerous to store not just your wallet but also your wallet information like your seed phrase or your seed phrase location on your phone or online where anyone who gains control of your device can easily access. Because even if your holdings are 100% in an offline wallet, but you decide to have your phrase stored on your phone or email or anywhere online, then a hack like this could mean the end of everything you’ve worked for and you’ll only have yourself to blame.

[Cinexa]

I believe that everyone on the internet has been scammed at least once! The number of times I have asked people if they have been scammed on the internet, each time they have confirmed it. Whether it is to obvious a scam, to subtle or even by a different means.

Others have also been scammed due to hearing of the large sums that could be earned online, so they also desired to be involved.

No matter how careful you try to be and no matter how prominent the warning sign, people will still be suckered into scams and the people concerned will not only make one mistake, some individuals will even repeat this mistake a couple of times!

[sidrabtc]

I believe that everyone on the internet has been scammed at least once! The number of times I have asked people if they have been scammed on the internet, each time they have confirmed it. Whether it is to obvious a scam, to subtle or even by a different means.

Others have also been scammed due to hearing of the large sums that could be earned online, so they also desired to be involved.

No matter how careful you try to be and no matter how prominent the warning sign, people will still be suckered into scams and the people concerned will not only make one mistake, some individuals will even repeat this mistake a couple of times!

I do not agree with this sentence because it's not correct. Maybe enough people have faced difficulties or had scams, but not all, because we have enough people who understand and always play safe because they have already read and learned about things that are happening online.
Peoples those are having not enough knowledge and always want to become quick rich always best victims of these scams and fraudulent schemes because they never check enough things before having any investment or relative stuff this always bring them down and they lost funds which never been recovered crypto is having enough potential for scammers to show day dreams and then have peoples into their trap for taking their money.

[Chinesebaby]

I believe that everyone on the internet has been scammed at least once! The number of times I have asked people if they have been scammed on the internet, each time they have confirmed it. Whether it is to obvious a scam, to subtle or even by a different means.

Others have also been scammed due to hearing of the large sums that could be earned online, so they also desired to be involved.

No matter how careful you try to be and no matter how prominent the warning sign, people will still be suckered into scams and the people concerned will not only make one mistake, some individuals will even repeat this mistake a couple of times!

A mistake done more than once or twice is not a mistake anymore, but rather a deliberate act. And for the fact that an individual can fall victim to a scam multiple times, then that actually proves that such an individual is either a greedy person or just someone who wants to get rich quick by all means, not minding its consequences. Because when it comes to getting scam of your Bitcoin investment, this is only possible when you willingly transfer it to someone after being convinced how much profits you can make from an online investment, or also when you mistakenly misplaced it's private keys to scammers. Because inasmuch as you do not do any of such and you were very careful with your asset, it's impossible to get scammed when you are not greedy and fully contented with what you have.

[RockBell]

I believe that everyone on the internet has been scammed at least once! The number of times I have asked people if they have been scammed on the internet, each time they have confirmed it. Whether it is to obvious a scam, to subtle or even by a different means.

Others have also been scammed due to hearing of the large sums that could be earned online, so they also desired to be involved.

No matter how careful you try to be and no matter how prominent the warning sign, people will still be suckered into scams and the people concerned will not only make one mistake, some individuals will even repeat this mistake a couple of times!

A mistake done more than once or twice is not a mistake anymore, but rather a deliberate act. And for the fact that an individual can fall victim to a scam multiple times, then that actually proves that such an individual is either a greedy person or just someone who wants to get rich quick by all means, not minding its consequences. Because when it comes to getting scam of your Bitcoin investment, this is only possible when you willingly transfer it to someone after being convinced how much profits you can make from an online investment, or also when you mistakenly misplaced it's private keys to scammers. Because inasmuch as you do not do any of such and you were very careful with your asset, it's impossible to get scammed when you are not greedy and fully contented with what you have.

I don't like how some people will be scammed and still fall victim, and most of them do so out of greed because they want to make quick money, which doesn't work that way. Since you invested because you want to make profit, I don't see the need to even rush it. In the first place, we should have learned from our mistakes and looked at those who are into ponzi schemes. They keep falling for the trap because they know it's a 50/50 situation because they can lose and They will still go ahead and do them, so it is not even right. We must realize that we must exercise extreme caution to avoid losing our money, and anything related to the seed phrase should not be made public. This is a straightforward rule; instead of believing con artists who promise you things, I think people should do better by lessening their greed.

[icebar]

Someone who keeps questioning and always verify things before making a decision can skip the scams that might not show red flat at first.

But because they're able to take care of themselves by being curious and applies these two, although it doesn't make them have the guaranteed safety.

The cryptocurrency space isn’t the place where you take action first and ask questions later. It’s an unforgiving space and one that offers no room for mistakes or corrections once the did is done. You are left with regrets and a decision on how to absorb and continue investing in the space.
That’s why, it’s idea you remain curious and suspicious of just any activity that comes to you unsolicited or feels too good to be true.

Your technical knowledge wouldn’t help after you’ve pressed send and confirmation has started or wouldn’t be of much use when an attacker has access to your keys, imported and has access to your wallet.

A common phenomenon in the cryptocurrency world is that if someone makes a mistake once, there is no forgiveness for that mistake. A person has a lot of technical knowledge, but that knowledge will not be worthy to him if he makes a mistake in a transaction or confirms something wrong. In another world, if you make a mistake, you may have the opportunity to recover or correct it after a long time through try, but the crypto space is completely different. That is why the user must first be careful, ask before making any transaction, that is, before taking any action, you must be careful about the necessary things, but once it is completed, there will be no more benefit. If a hacker gets the seed phrase, he will never return that asset. That is why no matter what the extent of knowledge you gather, you must first be careful and then use crypto.

[Zaka1221]

I think the safest way is that if you have a large amount of crypto in your wallet, it is better to keep the wallet offline. If an investor is holding Bitcoin, if he keeps buying Bitcoin regularly in exchange , he will keep sending Bitcoin to his wallet from the exchange. If the wallet is offline, he can access it later by just keeping the seed phrase in the backup. This seems more convenient and safe to me.

Again, that’s why it’s very dangerous to store not just your wallet but also your wallet information like your seed phrase or your seed phrase location on your phone or online where anyone who gains control of your device can easily access. Because even if your holdings are 100% in an offline wallet, but you decide to have your phrase stored on your phone or email or anywhere online, then a hack like this could mean the end of everything you’ve worked for and you’ll only have yourself to blame.

Keeping things online specially related to wallet is always big problem because its never been recommended for anyone to do this but still peoples are having not doing things with responsibility because they feel they are doing their best many learn after having loses just fewest are learning after reading and having checking because they understand consequences of having things like these.

Always have your stuff without internet; it works safely and gives better results. I read enough about it because I always love to stay alert about new updates and want to have enough knowledge about security and risk management. Many face serious losses because they were not doing enough for their own security and always rely on things that have never been secure for them and their stuff, just because they never recommend doing anything secure online.

[macson]

some individuals will even repeat this mistake a couple of times!

So then, he's not much different in stupidity than a donkey, because only a donkey falls repeatedly into the same hole over and over again without learning from it. If he's aware of his mistake, then he should be able to learn from it and be more careful in the future. However, if he keeps ignoring it and continues making the same mistakes, then there's something questionable about him. Perhaps he's banged his head against a wall, making him unable to think logically.

[laijsica]

Honestly, I think technical knowledge is just one layer of protection. You can understand wallets, signatures, and blockchain perfectly and still get wrecked by a scammer 😂. Sometimes the biggest vulnerability isn’t the wallet—it’s our brain. Greed, FOMO, urgency and overconfidence can bypass even a well-informed person. A little skepticism and patience can save more money than a PhD in crypto.

No one is beyond the reach of scammers. Keeping this in mind, you need to acquire knowledge regularly. The weakness of an experienced person is greed. This greed is the biggest factor in losing his acquired wealth. Not only crypto-related knowledge, every knowledge acquired is very valuable and there is no alternative to being wise. The knowledge you acquire will never deceive you but scammers can take advantage of a little carelessness or greed.

The weakness of experienced people is to think themselves to be excessively wise, when they reveal themselves to others, others take the challenge of stealing their wealth. That is why wise people advise to always keep the matter of wealth and knowledge acquisition secret.

[tech30338]

Honestly, I think technical knowledge is just one layer of protection. You can understand wallets, signatures, and blockchain perfectly and still get wrecked by a scammer 😂. Sometimes the biggest vulnerability isn’t the wallet—it’s our brain. Greed, FOMO, urgency and overconfidence can bypass even a well-informed person. A little skepticism and patience can save more money than a PhD in crypto.

No one is beyond the reach of scammers. Keeping this in mind, you need to acquire knowledge regularly. The weakness of an experienced person is greed. This greed is the biggest factor in losing his acquired wealth. Not only crypto-related knowledge, every knowledge acquired is very valuable and there is no alternative to being wise. The knowledge you acquire will never deceive you but scammers can take advantage of a little carelessness or greed.

The weakness of experienced people is to think themselves to be excessively wise, when they reveal themselves to others, others take the challenge of stealing their wealth. That is why wise people advise to always keep the matter of wealth and knowledge acquisition secret.

Just make sure what you are learning is correct, or the one you are looking at is sure, just like what i have read in a post that someone has use chatgpt or ai , and it gives him a link, with too dependent in AI things gone from good to worse what he use link is a fake or scam link, that is why he loses money.
So in acquiring knowledge you need to verify things also because if someone is teaching you and follow it and you did not try to research also of what he is doing , it might fall down to the two of you and get scam, learn things the right way, research , verify and things are good in your way.

[Muskanrani]

It's simple: if someone doesn't understand something, doesn't understand what it's about, then you don't need to have any connections with what interests them until they figure out the details. Example: a fraudulent project promises incredible profits. A greedy person will immediately decide to invest, without having any experience or knowledge of how to understand exactly what a scam project is or isn't. What is his mistake? That, first of all, he is greedy, stupid, and impatient. Anyone who wants to know about something is not in a hurry; he is careful, he is skeptical, and he parts with his money after checking all the red flags several times. Haste is needed when there are lice in the head. In all other cases, it is necessary to check everything carefully, even with technical and non-technical knowledge.

I believe that only technical knowledge is not enough in such matters in fact a person should have a control on his emotions and he had to create a mindset about it.
  Basically when a person became a victim of massive greed then they put their all the technical logic and understanding aside and the scammers take advantage of this exact weakness .
The scammers always create false urgency so the people make hasty dicisions and ignore the red flags this all happen just because of his on avarice but as you said that a sensible investor always go through search always verifies it took complete details about it and refrain from these kind of scammers and save their investments .