While not immediately apparent to most, this is actually a huge red flag: 'Before dealing with any exchange, determine the authenticity of the site by looking for their official physical address of the company and reading thorough reviews about it through search engines.' 'No contact address': In this particular instance, the exchange didn't provide a physical address or phone number, only an outlook email contact.RedMarlin suggests steering clear of improperly secured websites, especially those without SSL certificates. “No SSL on add-ex.io': Secure Sockets Layer or SSL is a cryptographic protocol used to secure internet communications such as logins and signups.Having delved a little deeper, the firm conveyed several ways in which users could identify a potential scam. ' observed several reports online where people complained of getting scammed by these scammers,' explained Prakash, 'Upon digging deeper, we found that all targeted users were sent to an exchange called add-ex.io to buy a token called PCT.' On behalf of Decrypt, RedMarlin investigated the Tinder trap. Often times, we also see scammers getting very creative with new types of scams to target unsuspecting users.' 'The rocketing valuation of cryptocurrencies combined with lax regulation and high complexity for newbies makes them an ideal target for scammers. Speaking to Decrypt, Shashi Prakash CTO of RedMarlin, an AI-powered fraud protection firm, explained why these attacks have become so prevalent: Clearly, critical thinking isn't working in avoidance of these scams, so what can be done? The thread conveys that since September, $60,000 has been pilfered by the exchange. Of course, this exchange is a proverbial jagged rock, scattered with the debris of other rekt'd victims. Once well and truly sirened, the marks are presented with an insider tip on a new crypto exchange. Playing the long game, the scammers use their wily charms to lull potential beaus into a false sense of security. The Tinder trapĪccording to a recent Reddit 'PSA,' scammers now use Tinder to string lovelorn crypto aficionados along for an expensive ride. However, it would seem that these crypto miscreants have upped their game. Of course, a major red flag presents itself in the fact that Elon Musk is giving away money for nothing. They're generally fairly easy to clock, the is typically misspelled, and you'll notice the account doesn't have more than seven followers. We all know the type, those rackets masquerading as crypto 'giveaways' on Twitter, usually touted by someone imitating Elon Musk. According to a report by crypto-security firm Ciperhtrace, thieves, scammers, and fraudsters scarpered off with $1.2 billion in crypto in Q1 of 2019 alone. These schemes are particularly evidenced within the cryptocurrency industry.

Just as dating has become more accessible thanks to the internet, so have scams. However, buyers beware: not everything is as it seems.

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