Common scam methods and anti-fraud guidelines for blockchain

In the vast sea of blockchain, fraudulent methods are like hidden reefs waiting for opportunities. Users need to transform into experienced navigators, enhance their insight and alertness, in order to cleverly detect and bypass these fishing traps and misinformation, and ensure the safety of personal information and property.

Identify fraudulent means

Understanding fraud methods is the first step in protecting oneself in the blockchain world. Here are several common scams:

• False exchange: Scammers set up a seemingly legitimate trading website to lure users into depositing and trading, but these so-called exchanges do not actually exist, and user funds are at risk of theft.
• False wallet applications: These malicious applications impersonate legitimate encrypted wallets. Once users deposit cryptocurrency, scammers will steal private keys and funds.
• False Airdrop campaign: By promising free token airdrops, users are induced to share wallet information or pay a small fee to receive “rewards”.
• Double-spending attack: In blockchain networks, scammers may attempt to send multiple copies of the same cryptocurrency transaction to deceive merchants or counterparties into double-spending funds.
• Malicious node attack: In some blockchain networks, malicious nodes may forge transaction records, affecting the normal operation of the network and causing user losses.
• Malicious theft software: using viruses or malicious software, fraudsters steal the user’s encrypted private key or mnemonic, and then control the user’s funds.
• Time Lock attack: Using the Time Lock function of blockchain smart contracts to commit fraud, inducing users to invest in a contract that freezes funds under the pretext of Time Lock.
• Social phishing attacks: By sending fake emails, social media messages, or malicious links, scammers obtain sensitive information such as users’ private keys or mnemonics, and then steal cryptocurrency.
• Information fraud: Contacting users through text messages or phone calls, pretending to be representatives of blockchain platforms or financial institutions, requesting sensitive information or “account verification”.

Raise awareness

• Education and research: Understand blockchain technology, cryptocurrency, and common scams. Stay aware of new scams and risks, and regularly obtain updates from reliable sources.
• Protect personal information: Do not share sensitive information such as private keys, mnemonic words, passwords, etc. at will. Scammers may obtain this information through social engineering means.
• Download secure applications: Only download blockchain wallets and applications from official channels. Avoid downloading applications from unknown sources to prevent malicious software infections.
• Using a hardware wallet: A hardware wallet is a cold storage method that can more securely store cryptocurrency private keys and reduce the risk of network attacks.
• Two-factor authentication: Enable two-factor authentication (2FA) in exchanges and wallets. This will increase account security, and even if the password is leaked, a second verification step is still required to log in.
• Be cautious with links and emails: do not click on links from unknown sources, and do not reply to or provide personal information to emails from unknown sources.
• Beware of social media scams: Do not trust investment opportunities offered through private messages or posts on social media, which are often scams.
• Regularly check accounts and transactions: Regularly check your cryptocurrency account and transactions to ensure that there is no abnormal activity or unauthorized transactions.

Qitmeer Network reminds you that staying vigilant is the key to ensuring asset security in this rapidly changing digital world. At the same time, we will continue to update our anti-fraud knowledge and provide you with the latest blockchain information and anti-fraud strategies.

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