Imposter scams and some tips on how to recognize them.
With 40% of the global population being active on some kind of Social Media network, Facebook, Twitter and the like are a very attractive tool for companies to increase their reach, connect with customers and have often even turned into an elongated arm of customer support. Crypto and Blockchain companies are no exception. They might face more restrictions when it comes to advertising, but as most of their users are active on some sort of social media, it is the best way to stay in touch with their community.
Unfortunately, though, social media platforms are also a playground for criminals trying to fraud people. In particular, crypto-companies seem to be a popular target for phishing attacks and scams. This surprises less considering that cryptocurrencies allow seamless transfers across country-borders with more anonymity than traditional financial transactions offer.
A scam is defined as “a criminal activity designed to trick someone out of money or personal details”. Scams are not new, but the popularity and open nature of social media have given scammers a perfect platform for their activities. It is very easy to create an account on facebook that looks just like a legitimate business – but isn’t.
At Bitcoin.com Exchange like many other businesses and individuals, we have to deal with duplicate accounts trying to use our name to deceive people. As a company dedicated to increasing mass-adoption of cryptocurrencies and industry growth, we commit to educating our users to be careful and not fall for fraud.
Therefore here are some signs that indicate that you could be dealing with a scam.
- Too good to be true: Some campaigns are pretty good. But when you think something sounds too good to be true, it is worth doing some research. One typical pattern for crypto-scammers is to ask you for a small donation to their BTC address, promising high BTC transfers back in return.
- Lack of information: someone who sets up a duplicate page, might not be interested in adding information such as a contact mail, the website or a description.
- Branding: a company with a history on social media usually also has consistent branding. Is the right logo being used? Are there inconsistencies? Does the profile look professional or rather like a quick and sloppy done job?
- Two companies: Social Media platforms always give you the option to search for companies. If you look for a certain company and you end up with two identical pages, that read the same, you are most likely dealing with an imposter.
- Announcement only on a single platform: Usually when companies are running campaigns, they will announce them across different platforms as well as on their official homepage. You can easily check by searching for the campaign on Google if it is a legit campaign.
If you are still unsure, reach out to the company via their official website or support channels.
If you think there might be someone pretending to be Bitcoin.com Exchange, please reach out to us.
Here a list-up of our official channels:
Never forget to #DYOR and stay safe.