Share 6 tips to avoid cryptocurrency scams

If you fall victim to fraud or cryptocurrency scams, the chances of getting your money back are slim, but reporting the crime is still your best option.

Cryptocurrency scams are getting more sophisticated every day, and even the most discerning investors can fall into the trap.

If you are not a victim but know of a crypto-related crime or scam, you should report it anyway as you can earn a whistleblower reward. Here are six things to do if you think you’ve witnessed a cryptocurrency scam.

Keeping records

When reporting fraud, you may need to provide a record of your transactions and contact information. Failure to keep your records could mean the authorities are not taking you seriously and you, the victim, could miss out on getting your money back. Keeping records is more than not deleting your email and text messages.

In addition to having them on your mobile device, you should also make copies and store them in the cloud in case something happens to your device. The same applies to transaction records. These can show up in online accounts, but you can never be sure when the company will delete them. Fraud investigations can take a long time, so it is important that you have a long-term plan in place to keep these records safe.

Contact the company, but do not “Pay a fee to withdraw money”

If you feel that there is something wrong with your investment, contact the company immediately to make sure it isn’t a misunderstanding. In addition to contacting them via email and phone, you should also use social networking platforms as they can let others know that you have a problem. In the event that the company responds and asks you to pay a fee for the withdrawal, then under no circumstances should you do so.

If a scam or scam is used, you will definitely lose more money. If the company is legitimate you should be able to negotiate the release of your money at no additional cost.

Looking for allies

Many cryptocurrencies have active communities that share news through Reddit, Discord, Telegram, and other platforms. If you are having problems with your crypto investment but you are not sure if it is a scam, you should reach out to others in the community to see if they have similar problems. While communities can be a useful way to get information, beware of advice that may require paying fees to get your investment paid off.

As mentioned above, this advice should be ignored. The best way to leverage the community is to share your concerns so others can identify potential issues and build a network of people in similar situations so you can work together to resolve or report them. If you are certain that something is fraudulent or fraudulent, you can also warn others.

Local government reports

As soon as you discover that you have been the victim of fraud or cryptocurrency scams, you should contact the local authorities immediately. Even if your local government may not immediately start an investigation, they have the best information and can tell you where to file a complaint.

Typically, cyber criminals wait until they have received a reasonable number of reports of a scam or scam before starting an investigation. Even if the money you lost is relatively small, you should still report it to these agencies as it can help add to the investigation momentum.

Consider reporting to the US authorities

Depending on the extent of the fraud, it can be helpful to report the fraud to authorities in other countries, as this can increase the chances of catching the perpetrator. When it comes to prosecuting crypto-crime, the United States is at the forefront.

In addition to having a cybercrime complaint center that you can use, the US also has two other regulators (SEC and CFTC) that prosecute crypto crime and fraud.

If you are a US resident, there is a good chance that US authorities will process your information, but even if you are not a US citizen, there are no restrictions on reporting to that authority.

Talk to an attorney

If you know of any major scam or crypto-related crime, be sure to speak to an attorney who specializes in reporting crypto scams.

Lawyers can advise you on the best place to file a complaint and can also report information on your behalf. It is important that a lawyer can advise you on whether you are eligible for a whistleblower award. A whistleblower reward is a payment made after a fraud is reported to certain US regulators.

This includes crypto-related non-internet crime such as bribery or money laundering. The SEC’s average whistleblower reward is over $ 4 million, so it’s definitely worth speaking to an attorney. Most fraud lawyers operate on a contingency fee basis, which means you don’t have to pay anything unless you receive a whistleblower award.

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