“Fraudster Photo: Cyber Police With the growth of digital trading tools, criminals are taking advantage of Ukrainians’ desire to cash in on profitable crypto-investments and creating new ways to enrich themselves. On January 8, the cyber police provided recommendations on how to protect yourself. The most common fraudulent methods are the Pig Butchering Scam or “raising a victim through a relationship of trust.” Scammers find people through social networks and dating apps […]”, — write: businessua.com.ua
Scammer Photo: Cyber Police
With the growth of digital trading tools, criminals are taking advantage of Ukrainians’ desire to make money from profitable crypto-investments and create new ways for their own enrichment. On January 8, the cyber police provided recommendations on how to protect yourself.
The most widespread fraudulent methods Pig Butchering Scam or “raising a victim through a relationship of trust”. Scammers find a person through social networks, dating apps or messengers. During the correspondence, they enter into trust and offer a “profitable crypto-investment” that promises profit. Their demand is to invest funds as soon as possible. Initially, it is about small amounts and the victim may even get a small profit. This encourages criminals to invest more money. However, when an investor wants to withdraw significant assets, transactions are blocked and all funds disappear.
Rug Pull is a “disappeared project”. This scheme is designed mainly for beginners. Fraudsters create a new crypto project or token with loud ads and false reviews. When users buy a token, the “developers” instantly liquidate the liquidity, the site and the accounts, leaving the depositors with nothing. Scheme risk indicators:
- no proven team, technical documentation or road map;
- promises of “get rich quick”;
- after launch, a rapid rise in price and a sudden drop to zero;
- tokens are stored mainly in developers’ wallets.
Crypto fraud on behalf of famous people. Fraudsters use photos or videos of a popular investor. Allegedly, this person offers extra profits from an “urgent exclusive opportunity” of investing in a crypto project or fund. At the same time, the site or platform of scammers can look very high-quality, but have no official contacts or licenses.
Fake Job Offer – “lime jobs with crypto payment”. These are good high-paying crypto job offers. For “registration” or “test task” you need to install the program, provide a seed phrase or send a crypto wallet. The attackers then gain access to the victim’s assets. Scheme risk indicators:
- excessively profitable offer “work from home, pay in USDT”;
- installation of third-party software or request to provide personal keys;
- the “employer” communicates only through messengers;
- lack of official registration of labor relations.
How to protect yourself from intruders
As reported by the Informant, within the framework of the #ShakhraiGoodbye campaign, the Ministry of Social Policy, together with the National Bank, the Cyber Police and the State Special Communications Service, shares recommendations on how to identify fraudsters and avoid falling into a trap.
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