In the world of digital currency exchange, security awareness is your first line of defense. Here are five common scams you must be vigilant against and how to prevent them:
Fake Platforms & Phishing Sites: Scammers create websites that look nearly identical to legitimate platforms, luring users via ads or SMS to steal login credentials and funds. Prevention: Always type the official URL manually or use a bookmarked link; never click on suspicious links.
OTC Trading Fraud: In unescrowed peer-to-peer trades, a dishonest counterparty might not release USDT after receiving your payment, or use illicitly obtained funds, leading to your bank account being frozen. Prevention: Use reputable platforms like InxChange that offer third-party escrow services to ensure a fair trade.
Price Fraud: Some platforms or individuals use non-transparent pricing, offering seemingly favorable rates that actually include high hidden fees. Prevention: Always compare rates with live prices on major exchanges and choose platforms that clearly display all costs.
Fake Payment Proof: A buyer sends a doctored screenshot of a bank transfer, claiming to have paid, and pressures you to release the USDT. Prevention: Insist on logging into your own online banking to confirm the receipt of funds; never rely on screenshots as proof.
Impersonator customer service: Scammers pose as platform support, contacting you via phone or social media to ask for your password, SMS verification code, or private keys. Prevention: Remember that official support will NEVER ask for your password or private keys. Always initiate contact through the platform's official channels.