How to spot a fraudulent website
So, how do you tell a fraudulent website from the genuine ones? Remember that a company will not come to your home to beg you to invest in their trading platform or you'd never hear about them. Before you invest your money, go through their website and verify the address of the company. According to the anti-fraud organization ISF, the address of a legitimate business should be well known and should be clearly marked on the site. A fraudulent website won't have a presence on Google or Bing as well, but they are usually very good at finding you. As such, you should be extra careful when browsing through any internet site.
Section 2: How to recover your money
Now that you know how to identify fraudulent websites, let's talk about how you can recover your money.
What are the different techniques scammers use
1. Lost wallet recovery
A lost wallet is a prime example of this technique. The wallet is stolen by thieves, the cash is never found, and the wallet remains lost to the owner. The chances of recovering your funds are low unless you use a top fund recovery company which specializes in recovering stolen wallets. After a wallet recovery company has found and confirmed your wallet's details with you, they will approach the wallet's holder with a request to send the stolen money back. Usually, the owner will panic and turn to online scammers, and they'll be forced to send the cash to a fraudster.
2. Locked wallet recovery
Another example of this technique is when thieves destroy your wallet and leave it at the bottom of a river or a lake.
How to avoid scams
It's become incredibly easy for scam artists to steal from you. As a matter of fact, it is quite simple and usually happens all at the same time. With the easy access to information on the web, it is nearly impossible to dodge these schemes completely. They often come in a range of different forms. Not only is it easy for a fraudster to create a whole new person out of thin air to impersonate you, or do the fraud itself with your identity, but you will find that a good number of these scams have different approaches to pulling off their heist.
One of the most common ones involves convincing you to use a technology or an app that can help you get your money back.
Fund recovery services
The credit reporting and recovery service company TrustID has recovered more than $50 million in victim funds in the last year. The company states that it recovers more than 90% of its claims in the first 48 hours. Of the average recovery time from a potential fraud victim being paid back, TrustID claims that the average amount left is $625.
Fund recovery services are equipped with technology to deal with increasingly complex cases of fraud. For instance, when dealing with blockchain ICOs that become the next bubble, any money made during the ICO becomes part of the new coin or token creation, which then needs to be distributed. However, there is no transaction history and no previous owner.
Conclusion
As a matter of fact, cryptocurrency is the newbie of the real world. The source of the current craze for it is simple. It is a new and revolutionary technology that has only been around for several years now. What this also means is that there are currently a lot of new scams, with fraudsters trying to lure newbies into the cyber world. More often than not, they are not as genuine as they would like to believe.
The cryptocurrency business in itself is going to be a competitive industry. This is also why it is important for you to make sure you do your research before entering the industry. This article is intended to give you the knowledge and proper insight into cryptocurrency and ways you can secure your wallets to ensure the security of your funds.