On the Central Cybercrime Office website, numerous threats related to fake investments, impersonating institutions in phone calls, or on WhatsApp are mentioned.

With each year, cybercrime becomes an increasingly common phenomenon, which is becoming harder to effectively combat. Criminals are constantly looking for new ways to defraud gullible and careless victims.

Complex social engineering techniques, fake investments, and the use of cryptocurrencies for scams are just some of the carefully advanced and diverse strategies used to manipulate victims. In this article, we will examine these scam methods, discuss their mechanisms, and most importantly, suggest how to protect yourself against them.

Popular types of crimes

Phishing involves sending fake emails, SMS or other messages that pretend to be from credible sources, such as exchanges, wallets, or cryptocurrency projects. The aim is to get the potential victim to click a malicious link or attachment, which can infect their device with a virus or capture login data.

Scam involves creating fake websites, social media profiles, or apps that pretend to be authentic services or cryptocurrency-related products. The aim is to get victims to transfer money to a provided address or participate in a suspicious promotion or lottery.

Ponzi involves promising incredibly high returns on cryptocurrency investments, which are allegedly guaranteed and safe. The aim is to encourage victims to deposit money to a specified address or invite others to participate in a quasi-investment scheme. In reality, scammers pay older participants with the money from new victims until the whole system collapses.

Ransomware involves blocking access to a victim’s files or devices and demanding a cryptocurrency ransom for their release. The scam mechanism relies on the victim’s fear and desperation of losing their data or equipment.

Fraudsters impersonate institutions

The Central Cybercrime Office, Main Police Headquarters, and FinCERT.pl – Banking Cybersecurity Center of the Polish Bank Association warn against fake phone calls where scammers pretend to be employees of trusted institutions like banks or the Financial Supervision Authority.

The victim’s phone display might show a number or name of a trusted institution. Scammers not only persuade victims to transfer funds during a phone call but increasingly send an email with a fake contract or an SMS with an account number for the transfer.

After the fake phone call, scammers inform the victim of an alleged threat to their funds and try to convince them to transfer money to a “technical” bank account.

If you receive such a call, don’t panic. End the call, wait 30 seconds, then contact your bank using the number given on its official website. Fake contracts drafted by scammers often contain language errors, lack all required elements, and signatures are scans available online.

If you suspect fraud, contact your bank immediately and report the incident to the police.

Fake investments

Fake investments are a popular scam, manipulating victims into “investing” in non-existent projects. The criminals’ scheme often begins with a phone call or creating an attractive website promoting these alleged investments, often illegally using images of celebrities or company names. Scammers promise unbelievably high returns with minimal risk.

When a potential victim contacts the scammers (e.g., through a form on the site), a “financial advisor” assists them in the “investment” process. Scammers use various manipulation techniques to convince the victim to install software on their computer, granting them remote access, including to online banking login details.

Victims usually realize they’ve been scammed when they try to withdraw their “profits” and are instructed to make further deposits. Sometimes, to mislead the victim, scammers install a real wallet for them, sending them fake tokens.

Beware of fake tokens

One of the newest scams in the cryptocurrency market is the creation of fake tokens bearing names of well-known cryptocurrencies, such as USDT (tether). Sadly, many people are completely unaware of this threat.

Fake tokens are units of digital currency that look and operate like real ones but are worthless. Scammers create them on blockchain platforms, such as Ethereum, using their technology to clone the appearance and name of real cryptocurrencies. As a result, an untrained eye may not notice the difference between a real and a fake token.

To protect against scams related to fake tokens, follow a few simple rules:

1. Buy only on trusted exchanges. Most well-known cryptocurrency exchanges have advanced verification systems that prevent the sale of fake tokens.
2. Thoroughly check the token’s details. Before making a transaction, verify the token’s smart contract address and other details. This information should be consistent with the data available on the official website of the specified cryptocurrency.
3. Avoid offers that seem too good to be true. If an offer seems too attractive, it’s probably a trap.
4. Educate yourself. The more you know about cryptocurrencies and blockchain, the easier it is for you to recognize and respond to potential scams.

Fake tokens pose a serious threat to the safety of investing in cryptocurrencies. Therefore, anyone planning to invest in cryptocurrencies should fully understand how this market operates and the risks involved. Remember that proper knowledge and caution are the key to safe investing in the world of digital currencies.

How to protect yourself?

To avoid these and other threats, exercise caution and common sense when using cryptocurrencies. Here are some basic rules that can help protect against scammers:

• Do not trust strangers or unverified sources of information about cryptocurrencies. Check the credibility and reputation of websites, applications, exchanges, wallets, and projects you use or plan to use. Choose only proven and safe services.
• Do not click on suspicious links or open attachments in emails, SMS, or other messages. Always check the sender’s address and the content of the message. If you have any doubts, contact the source of the message directly.
• Do not send money to unknown or unverified addresses. Always check the recipient’s address thoroughly before sending a transaction. Remember that cryptocurrency transactions are irreversible and if you make a mistake or fall victim to a scam, you can lose your funds forever.
• Do not participate in suspicious promotions, lotteries, or investments. If something seems too good to be true, it probably is. Do not be fooled by promises of quick and easy profits. Always check the details and terms of participation in such actions.
• Never give out your personal information, passwords, or private keys to anyone. This information is essential for protecting and managing your cryptocurrencies. If you disclose them, you can lose access to your funds or become a victim of theft. Use strong and unique passwords and secure your devices and wallets against viruses and breaches.