The Digital Gold Rush: Proceed with Caution

The Digital Gold Rush: Proceed with Caution

In the contemporary digital era, the potentially fast-changing nature of cryptocurrency has the potential to be a very lucrative opportunity for all interested retail investors, speculators, hedge funds, and a multitude of institutional investors. Akin to the old gold rush mentality comes the same revolving problems; namely, even though crypto-based investments have the possibility of delivering lucrative deals, they also have the potential to bring in digital scammers.

With the new age advent of crypto-based investments such as Non-Fungible Tokens (‘NFTs’) and Initial Coin Offerings (‘ICOs’) (to name but a few), there are now even more opportunities for fraudsters to scam people. The context of these investments is beyond the scope of this post, but here are a few tips on how to stop being misled by scammers.

Don’t take information literally at face value, especially if it’s too good to be true or promises overnight profits, such as the Ponzi schemes where investors are led to believe they will receive returns on their investments within an extremely short period of time.

Do your research & Double check website URLs. Scammers attempting a phishing scam copy the URL of legitimate websites and swap letters and numbers.

In any case, decline any online or telephone offers that require an upfront’ investment’, especially if the required investment is going to be in cryptocurrency.