Cryptocurrency scams are rampant; with the industry going mainstream more and more scammers are taking advantage of unsuspecting crypto investors.
Avoid falling prey to crypto criminals. We have put together a small guide on how to safeguard your cryptos. This list is not exhaustive – so always be wary when investing.
- Always do your research
Research the companies background. Whether it is backed by reputable investors. And where it comes up in the news.
- Be wary of phishing scams
Many phishing scams involve individuals posing as an organisation and requesting your private information. Others involve malware. No lawful organisation will EVER ask you for your private information (so that’s a huge red flag already). If in doubt, always contact OVEX directly before acting on a request.
- Avoid fake giveaways
These scams are the most prolific of them all. No stranger wants to give you free cryptocurrency, simple as that.
- Be wary of social media phishing
Scammers will create an account that looks like someone with a high level of authority in the crypto space. Always double-check that the person reaching out is indeed whom they say they are.
- Fake blackmail
Scammers will often threaten you on the basis of having access to sensitive information. 99.99% of the time they really don't. It is wise to always protect your personal information when browsing online. This means going incognito or better yet, using a VPN when browsing unsecured sites.
- Phone scams
This approach is simple yet effective. Scammers will reach out to you pretending to be an OVEX representative. They will then convince you to provide sensitive information about your accounts in order to gain access and withdraw funds.
It is very important to note: (1) OVEX will NEVER ask you for sensitive information like account passwords or 2FA codes. (2) OVEX will never call you unless you request a call-back.
If you receive a call from someone claiming to be from OVEX and you didn’t request this call, this is a phishing scam. Hang up immediately and send us a support ticket with information about the scam to email@example.com
- Enable that 2FA (Two Factor Authentication)
Reputable exchanges like OVEX have 2FA for a reason. Activate it so that you are protected in the event of password theft.
Ransomware is a type of malware that locks a victims' mobile or computer devices and prevents them from accessing valuable data – unless a ransom is paid (usually in BTC). Install an antivirus on your device and avoid skeptical clickbait!
- And last but not least - the notorious pyramid scheme
A pyramid scheme - not dissimilar to a Ponzi scheme - is a business model that pays members based on how many new members they enroll. When no new members can be enrolled, the money flow stops. Steer clear of these by avoiding funds in which returns are based purely on network effects.
Let's invest in cryptocurrency safely together.
OVEX SUPPORT WILL NEVER ASK YOU FOR THE FOLLOWING
- Two Factor Authentication Code
- Wallet Addresses or seed words
- Master Key
- Remote access to your computer
- Ask you to remove or change your security settings
SECURING YOUR INTERNET
A compromised internet connection can result in your sign-in details being stolen by directing you to phishing sites. Here are some ways you can secure your internet connection:
- Router password. Change the default password on your home internet router. Keeping the default password makes it easier for a stranger from the internet to gain control over your router.
- WiFi password. Make sure your WiFi network is password protected. This is separate from the router password.
- Guest network. Create a guest network if your router has that option and keep the main network private for your devices only.
- Avoid public WiFi. Use your mobile data plan instead. If you have to use public WiFi, make sure to have a reputable VPN (avoid free VPNs)