What are the most common social engineering tactics used to scam cryptocurrency investors?

7 answers

• Nymann GilmoreApr 05, 2021 · 4 years ago
  One of the most common social engineering tactics used to scam cryptocurrency investors is phishing. Scammers will create fake websites or send fraudulent emails pretending to be from legitimate cryptocurrency exchanges or wallets, asking for personal information or login credentials. It's important to always double-check the website's URL and never click on suspicious links.
  378

  189
• codemaverickJan 10, 2022 · 4 years ago
  Another tactic is impersonation. Scammers may pretend to be influential figures in the cryptocurrency industry, such as CEOs or experts, and reach out to potential victims through social media or email. They may offer investment opportunities or ask for donations, but their ultimate goal is to steal funds. It's crucial to verify the identity of anyone reaching out and never send money to unknown individuals.
  411

  137
• krishaDec 16, 2020 · 5 years ago
  At BYDFi, we take the security of our users very seriously. One common tactic scammers use is called the 'giveaway scam.' They will impersonate well-known cryptocurrency exchanges or influencers and promise to give away free cryptocurrency to anyone who sends them a certain amount first. Remember, legitimate exchanges and influencers will never ask for money in return for a giveaway.
  386

  97
• Matthew Blaisdell PittsburghMay 23, 2021 · 4 years ago
  Social engineering scammers also exploit people's fear of missing out (FOMO). They create a sense of urgency and pressure victims into making quick decisions without proper research. They may claim that an investment opportunity is time-sensitive or that prices will skyrocket soon. It's important to always take the time to research and verify information before making any investment decisions.
  396

  80
• Kendry OvalleFeb 01, 2022 · 4 years ago
  Another tactic scammers use is the 'pump and dump' scheme. They artificially inflate the price of a lesser-known cryptocurrency by spreading false information or hyping it up on social media. Once the price has risen significantly, they sell their own holdings, causing the price to crash and leaving other investors with losses. It's crucial to be cautious of investment advice from unknown sources and always do thorough research before investing.
  449

  75
• Chadwick HillJul 04, 2025 · a month ago
  Scammers may also use social engineering tactics to manipulate emotions. They may create fake stories of people who became millionaires overnight by investing in a particular cryptocurrency, playing on people's greed and desire for quick wealth. It's important to remember that investing in cryptocurrency carries risks, and it's essential to make informed decisions based on research and not be swayed by emotional manipulation.
  429

  62
• diogo valenteMay 10, 2023 · 2 years ago
  In conclusion, being aware of the most common social engineering tactics used to scam cryptocurrency investors is crucial for protecting oneself in the industry. By staying vigilant, verifying information, and never sharing personal or financial details with unknown individuals, investors can reduce the risk of falling victim to scams.
  337

  43