What is the history of crypto scams?

As a matter of fact, crypto scams have become prevalent in the world of online fraud as we have seen with the rise in popularity of the distributed ledger technologies that blockchain networks like Bitcoin and Ethereum were created to promote.

Before we go on to discuss the various ways to deal with crypto scams, we need to discuss the history of the cryptocurrency boom we’re experiencing as well.

Cryptocurrency was born in 2008, in the wake of the global financial crisis and the collapse of the major banks. As a result, over the course of the years, governments were forced to change their original financial schemes, replacing paper with virtual currencies like bitcoin and more recently, Ethereum.

However, that was not the end of it all.

What are the most popular types of scams?

Every industry is susceptible to being targeted by fraudsters, but it’s usually in a few distinct ways. Our everyday online banking makes this one particularly disturbing. Today’s PYMNTS.com readers will be aware of the Chase-style fraud exposed last year in the US and the bank’s $17 million settlement with the victims of this scheme. However, this is far from the only form of online banking fraud available. The tricky part is dealing with the fraudsters’ pocketed gains when they’re eventually found.

Phishing emails

You receive an email seemingly from your online bank account company stating you need to verify your online account details. The email appears to come from your bank account provider, which in the case of Chase bank this happens to be Chase itself.

How do you know if you’re a victim of a scam?

The internet is an extremely challenging place to navigate when you’re trying to set up a new online account, especially when you’re a beginner. Unfortunately, scammers know this and take advantage of it by sending enticing emails that try to entice you into signing up for something shady like fake discounts. Often, these offers contain very specific tax codes that they can use to build a fraudulent tax return to get you money back, so before you even sign up, verify that the tax code is correct. Once you have verified your tax code, you’re free to continue with your activity. The longer you wait, the more likely it is that your account will be hacked and your funds stolen.

What you can do to protect yourself:

Never give your personal information to any stranger online.

How to recover your funds

Crypto Trace specializes in treating victim’s funds. This is because Crypto Trace serves clients like you and therefore you can expect to experience high level of service. By utilizing various features of online fraud recovery, you can recover your funds without going through excessive stress. Crypto Trace utilizes the power of blockchain technology and the state of the art algorithms to keep your funds safe. They also utilize blockchain technology to control your funds which can only be executed through the “Chain of Ownership” generated by the blockchain technology. With no associated costs, there is no compromise in security. Moreover, Crypto Trace is fast, secure and it’s backed by a network of security experts who can recover your funds, at any time, no matter the scenario.

The steps taken to recover lost funds

Transfers of stolen money

Once a scam victim has been targeted, he/she first needs to transfer funds from the old account to the new one in order to avoid losing the balance. This is how you get back your lost coins. Typically, attackers will attempt to make victims send funds through Western Union or Moneygram. As these are reputable and legal companies, their prompt response will avoid delayed payments that can cause a victim further stress.

Another way to retrieve your stolen crypto is to manually move the stolen money to the exchange. While this option will not make money available to you in a matter of seconds, it will put you in a position to take action.