Tips and recommendations from Bit2Me to avoid falling into cryptocurrency scams – DiarioBitcoin

In a recently published study, the team Bit2Me shares some considerations and recommendations to keep in mind to avoid being a victim of a cryptocurrency scam. More details below.

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• The team of Bit2Me presents some considerations about the increase in the number of scams
• Emphasizes those scams where a certain amount of trust is sought to be established with the potential victim.
• Share some cases and show how they were able to avoid unfortunate losses
• They also share some recommendations to avoid being a victim of these or other modalities.

Bit2Me, the digital asset company registered with the Bank of Spainpublished this week a study on the incidence of cryptocurrency fraud between 2023 and 2024, detailing that to date some EUR 3.1 million are in potential danger, if possible victims do not take measures to keep their assets safe.

According to the responsible team, the analysis is based on data from “all the types of fraud that clients may receive through different means”also taking into account certain measures that have been carried out to prevent possible scams.

In relation to the work that Bit2Me does in this matter, the head of the compliance office, João Augusto Teixeira, commented:

These anti-fraud actions are not only positive for the people we prevent from losing money, but also for our own platform and for the crypto ecosystem, helping to eliminate the ways in which these professional fraudsters steal from people. It is another example of our commitment to regulatory compliance and to being a safe exchange with all the guarantees for our users.

Scams based on “trust”

Although there are different types of scams, the team at Bit2Me highlights that some of the most frequent are those based on the trust established between the wrongdoer and the potential victim.

In this regard, the director of the anti-fraud area of Bit2Me, Pedro Filipe warns that the most dangerous are those where there is a romantic bond. Here, the scammer tries to “create a relationship of trust with the scammed” through different channels, and then begins to lie about supposed blocked accounts and the need to make investments in cryptocurrencies, or the inability to access a bank and so on… until the potential victim falls and ends up giving him money.

Filipe highlights that one of the most surprising cases was that of a person to whom the person told that “He required cryptocurrencies to finance a kidney transplant”. Here the relationship of trust began to be established in 2021, and when contacting the potential victim all the warning signs were identified, thereby preventing him from almost losing some EUR 70,000 that he planned to give him to “save his life”.

Regarding the profiles of potential victims, Bit2Me warns that they generally look for people over 60 years old, who do not have much knowledge about new technologies or markets, and who preferably live alone.

Recommendations to avoid this type of scam

Given the alarming rise in this type of scam and many others, the team Bit2Me Share the following recommendations:

• Get well informed: Before purchasing or sending cryptocurrencies, research cryptocurrencies, how they work, and the platforms you plan to trade on.

• Learn to identify common scams: Know the most common types of fraud, such as Ponzi schemes, phishing, romance scams, etc. Do not trust those people who try to gain your trust by asking you for money after the fact.

• Use reputable exchanges: select platforms with good reviews, adequate regulation and a long history in the market, such as Bit2Me. It is important that they have a competitive Compliance department with certifications so that they can help prevent fraud.

• Don’t share private keys: never share your private keys, 2FA or recovery phrases. Keep this information in a safe, offline location. Also, use strong, unique passwords for each platform. Use a password manager if necessary.

• Verify wallet addresses: Before sending funds, double-check the recipient’s wallet address and test small amounts before sending large sums.

If you want to learn more about romance scams, we invite you to read our publications on this topic:

With information from Bit2Me

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.