The acceptance of decentralized finance is reaching the next level faster. It is happening like never before.
Influx of investors, hedge funding and increase in the utilization, circulation and demand and supply are some of the reasons behind it. This is the reason BTC value is going up.
Another key thing increasing is the count of those who want to be rich overnight. They are willing to take risk to be rich quickly.
This is where money mongers fall victim to Old School Scams, one of the most common type of scam in this domain of finance.
In case you are
What is Old School Scam in Cryptocurrency?
Swindlers execute this type of DeFi Scam strategically. He/she leverages the potential of the following to execute Old School Scam in this domain of finance:
- Fake phone calls
- SMS (Short Messaging Service)
- Emails
- Western Union Money Transfer
How Old School Scam Is Executed?
This is something you must know about before/while looking for a new coin to invest in. Scammers usually call, SMS or email their targets and ask you to share you bank account details, cryptocurrency wallet/account details, email address, password and OTP etc..
Once you share all of these details with the scammer via SMS, email or phone call, you get the result of your mistake when your bank account is completely wiped-out.
Before/while looking for a new coin to invest, another key thing you must know about is the way scammers make use of fake calls, SMS and Email.
Fake Phone Calls:
Scammers call you from their end and ask you to share the following with them during the call:
- Your bank account details.
- Your name.
- Your cryptocurrency account/wallet details.
- The OTP you receive.
SMS (Short Messaging Service)
You are sent an SMS to your phone number. Scammers usually ask you to click on some kind of link that redirects you to some fake website that looks exactly like the website of some reputed cryptocurrency exchange.
At times, you are asked to share your bank account, cryptocurrencny account/wallet details and OPT, email address of password etc.
Email:
This is another medium scammers use to execute Old School Scams in this domain of finance. You are sent a spam email asking you to share the following:
- Your bank account details.
- Your name.
- Your cryptocurrency account/wallet details.
- The OTP you receive.
At times, you may be asked to click on some link that redirects you some kind of form or a website that resembles to the website of some reputed exchange.
Once you fall in their trap, there is no way out for you. These are some of the ways financial criminals use to execute Old School Scams in this domain of finance.
In case you are new to the world DeFi and plan on making the most of the BTC value going up, you are advised to not to share any details of your account to anyone via any medium. This will help you safeguard your cryptocurrency account.
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