Scammers are getting away with billions of dollars, and unfortunately, it seems like people are making it easy for them. In 2021 alone, scammers stole $14 billion USD worth of cryptocurrency, breaking an all-time record. People’s interest in this kind of currency has encouraged sophisticated criminals to create new schemes. The high-tech nature of Bitcoin poses an issue, which is that most people are not totally aware of how to use the currency, where to trade it, how to pay with it, etc. In this confusion, scammers have an opportunity to mislead their victims and steal the money from them.

It’s not just Bitcoin investors though. Bitcoin is becoming more and more popular as a means of payment, and as long as the company or person you are sending payment to are legit, there should be no worries. However, the problem rises from the fake websites, fake service providers, and fake sellers. In some ways, the current environment is a perfect storm for fraudsters. When people don’t fully understand cryptocurrency, it’s easier for smooth-talking scammers to drive them into giving their private keys, sending funds without knowing who they’re really sending it to, or using websites and apps that can steal their keys. Whenever there’s a big gap in understanding, it’s easier for criminals to take advantage of unsuspecting people.  Bitcoin and crypto currency in general are now the preferred payment method for international fraud and scam cases.

Wymoo private investigators have put together some tips to avoid being a victim:

1. Evidence is always the key. If you are planning to make an investment, buy goods or pay for a service with Bitcoin, the first step is to verify the people and company you are dealing with are real and trustworthy. Sometimes scammers use the name of legitimate companies, but the website is fake, and the payment data does not seem to match the one in official sites. Other times, the whole thing is a fraud, and the company does not even exist. To avoid fake businesses, hire a company verification and make sure there is evidence of business registration records and operations in the country where they claim to be.
2. Ask for documentation and information that can aid in the investigation. The more information you have from the company or person requesting for payment, the more chances of finding out whether they are real or not. Contact information, ID copies, business licenses and other similar information can be of great assistance.
3. Don’t share your passwords or cryptocurrency keys to anyone. Just as you wouldn’t give your bank PIN or email password to a stranger, so should you be suspicious of anyone asking for your crypto passwords or keys. The key to your cryptocurrency is a code only you have access to. Never share it, even if someone tells you it is for the payment to go through or to close the investment deal.
4. Beware of suspicious URLs. There are websites and apps created with the sole purpose of stealing your key. Before entering your information, do a research to check if it is a trustworthy website, and check for any reports or alerts.
5. Always protect your identity. With Bitcoin there is no need to give out any personal information in order to make a payment or transfer funds, so don’t provide it voluntarily. If you were communicating with a scammer, they will use it in their favor. The less you share online and with third parties, the safer you are.

Contact us for an investigation quote before making any payments!  Proper verification and due diligence can be done quickly, and save you time and money.

C. Wright
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