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Planning to buy Crypto: 9 ways to know the app, wallet or platform is fake

Gadgets Now Bureau17 Dec, 2021, 08:50AM IST

Planning to buy Crypto: 9 ways to know the app, wallet or platform is fake
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Crypto scams are one of the biggest financial frauds of 2021. The popularity of crypto and its rising valuation has made it a hot target of scamsters. From India's nodal cybersecurity agency Cert-In to US' FBI, security agencies across the world have warned about crypto scams. Computer security companies like Trend Micro, Check Point and others too have not only warned about crypto scams but also shared tips on how to avoid them. Here are some such simple tips to ensure that you don't end up becoming victim while making your Crypto investment or doing Crypto trading.
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Check wallet address

While copying and pasting a crypto wallet address, always double check that the original and pasted addresses match.

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Test transactions

Before spending large amounts in crypto, first send a probe 'test' transaction with small amount.

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Skip those ads

If you are looking for wallets or crypto trading and swapping platforms in the crypto space, always look at the first website in your search and not in the ad. These may mislead you as security agencies have found scammers using Google Ads to steal crypto wallets.

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Check those URLs

Always double-check the URLs. Make sure there are no spelling mistakes or change in spellings.

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Carefully read reviews of the app you want to go trading on

Fake apps will receive numerous 5-star reviews once they are released publicly, but don't be fooled by these as they may be false and paid-for reviews. Pay more attention to 1-star reviews.

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Try to enter an invalid or wrong cryptocurrency wallet address

Security firm Trend Micro has a tip: After extensive analysis, we found that most of the malicious samples only process wallet addresses as non-empty values. Hence, if a user encodes an invalid wallet address and the app accepts it and is able to perform follow-up operations, there is a high probability that the app is fraudulent.

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Restart the app or phone while the process of mining is on

Most mining actions for fake apps are simulated with local counters. This means that if a device is restarted after mining starts and the mining application is killed in the background, the system will forcibly clear the counter, resetting it to zero.

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Find out if there is a withdrawal fee

The transfer of cryptocurrency requires a handling fee, which is relatively high compared to what is typically made from cloud mining. Hence, free withdrawals can be quite suspicious.

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Make sure your PC/laptop's OS is updated

It's important to keep your PC/laptop's operating system updated. Do not download software from unverified sources on the devices you are using for Crypto trading.

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