There has been a boost in the usage of digital currency that exists only electronically, known as a cryptocurrency that can be operated using a phone, laptop, or a crypto ATM. People have started using cryptocurrency to make quick payments, avoid transaction fees, or as an investment. This inclination towards digital currency has gained unnecessary attention from scammers, who now look for ways to get a hold of people’s cryptocurrency.
As the scammers invade the digital world and cause harm to the users, we thought of talking to Raghib Khan, Co-Founder of RNF Technologies, a company known to help businesses with tech solutions and digital products globally. We invited him to share his insightful thoughts on how an individual can spot such crypto scams or save himself from them. Let’s learn about RNF Technologies’ Raghib Khan’s suggestions and strategies against digital currency scams.
Warning Signs Of Cryptocurrency Scams, Suggested By Raghib Khan, RNF Technologies
- Assured Returns On Scammy Investment Plans
RNF Technologies’ Raghib Khan underlines that no financial investment guarantees fixed returns to the investor, whereas scammers propose their investment plans to the people assuring them of substantial financial returns. It might sound appealing to the investors who choose to invest in something with guaranteed high returns. But, these fixed returns are just a way to trap an individual into a digital scam. Sometimes, these scammers offer free money or cryptocurrency to allure people, which is nothing more than a scam to encourage investment.
- Heavy Marketing By Crypto Scammers
The main goal of these crypto scammers is to reach as many people as possible, which encourages them to promote themselves in a short period to gain more money on their crypto deals. Whenever you come across such crypto marketers, instead of investing promptly, research about them, suggests Raghib Khan, who also leads Phonato Studios, the product development arm of RNF Technologies.
- Unnamed Owners
If you plan to invest in cryptocurrency, refer to their websites and social media handles. Usually, investment businesses have extensive, visible profiles to make themselves reliable and connect with people, but scammers typically don’t disclose their profiles publicly. If it is difficult to spot the owner of the crypto agency, Raghib Khan, Phonato Studios highlights it as another warning sign of scammers.
- Absence Of White Paper
One of the essential steps of initial coining is the presence of a whitepaper, which explains the designing and working of a cryptocurrency to the investors. If the investment business hesitates or avoids sharing the whitepaper, it’s time to rethink investing in their offered cryptocurrency, as it could be a scam.
These are a few warning signs of cryptocurrency scams that can help an individual to spot them instead of falling for them. Now, let’s discuss prevention methods suggested by Phonato Studios Raghib Khan against these prevailing scams.
- Research Well
Before investing in any cryptocurrency, ensure to research the unpopular ones. Everyone knows about the popular ones, and that is why scammers always offer these less known or unknown cryptos because by exaggerating about them, they can sell them off. Don’t trust the currency or the added offers unless you’re sure about it. If you don’t know about it, skip it, suggests RNF Technologies’ Raghib Khan.
- Take Your Time
Scammers often ask investors to invest immediately; otherwise, the offer will end. They create this emergency to pressure the investor and motivate them to make a quick investment without researching or discussing it much.
- Stay Away From Cold Calls
If you receive calls, emails, or messages from investment businesses with hard-to-believe crypto offers, stay away. Nobody calls someone to offer their valuable crypto coins unless they are related or you have raised a query. If none of it is true, then it’s a scam!
- Protect Your Key Details
Most important is to keep your information safe and away from scammers. Even if some investment businesses ask for your keys, don’t share them. Also, Raghib Khan, Phonato Studios, suggests sending a low amount during your first transaction to confirm that the wallet app is legitimate.