friend of mine recently shared a post on Facebook about a get-rich-quick crypto-currency scheme. The scheme looked genuine and was fronted by a well-known celebrity. However, when I looked into it further, I found out that it’s a scam. Is there anything people can do to stop these kind of scams? Joe, Raheny, Dublin 5 YOU may have heard stories of people making a fortune after investing in crypto-currency but, as with any form of investing, it’s important to understand the risks first. Scammers are active on social media sites and other platforms trying to entice users to invest through the lure of an instant windfall.
Scammers can include images and fake claims from well-known celebrities to try to make the offer seem credible, but these are often done without the celebrity’s knowledge or permission.
Be careful of potential scams when it comes to crypto-currencies. You should be wary of “initial coin offerings”, which is a way of crowdfunding the launch of new currencies or companies. They are not regulated and could turn out to be scams, meaning the currency may not launch at all and your investment may be wiped out.
Also be very wary of getting involved in crypto-currencies where the main focus is on recruiting more people into the scheme, as this could in fact be a pyramid scheme and these are illegal.
There are a few things you can do to protect yourself from these types of scams. If the offer sounds too good to be true, it usually is. Research who is making the offer. Click through to the Facebook page behind the offer and see if it appears genuine by looking at things like when it was set up, background information and previous posts. Google the company and see if any reviews appear or any news articles talking about scams. See if this company has a legitimate website, office and contact number.
If you come across a scam post, let the social media site know so it can investigate.