(ThyBlackMan.com) Social media has now become both a gift and a curse for society. It’s a luxury wherein it keeps you posted about the worldwide affairs, and it’s a curse because it has become as necessary to life as oxygen, water, food, and shelter are. Of course, social media has taken on many different forms worldwide, including a source of entertainment in memes, inspiration in learning about money-making websites, motivation in the form of influencers, and knowledge in the form of postings.
Nevertheless, social media platforms have a dark side, just like everything else on the internet. The first is the destructive rivalry that social media instills in the minds of young users. Then there’s the addictive aspect of scrolling through our feed for memes, GIFs, and videos till the wee hours of the morning. However, none of these drawbacks of social media are as harmful as the rapid increase in bitcoin scams on these platforms. It would be an exaggeration to say that Twitter, Facebook, and Instagram have taken over.
In contrast to fiat currencies, digital currencies are not regulated by banks or financial institutions. Anyone with good coding skills can do their research and development on their coin. Due to the lack of skilled services, getting your money back from a bitcoin social media scam was a difficult task. On the other hand, several fund recovery companies have sprung up, promising to assist you in recovering funds from a bitcoin scam. There are lawyers, legal advisers, financial experts, and fund recovery experts. They all get together to design a plan to apprehend the scammer and reclaim your funds.
Bitcoin scam via Instagram
One social media app that is being used extensively by scammers is Instagram. Scammers create a fake Instagram profile with videos of random people saying how much they have benefitted from bitcoin trading. There is a trick here – when we plan on buying a product, especially online, we proceed only after reading the reviews. The same was used here. Seeing so many videos of people saying they all benefited from bitcoin trading made the victims believe in bitcoin investment and eagerness to join in the herd.
Once the victim approaches the scammer, he asks the victim to post a video of how much money they made via trading. Next, they are asked to post this on their Instagram as a story. Then, the victim is to send their Instagram login credentials to the scammers and a certain amount of money to be a part of the investment. Once the scammer receives the login credentials, the victim is then logged out of their own Instagram account, and the scammer will also change the password. Now, if anyone texts the victim regarding the video, it’s the scammer who responds to their texts and motivates them to join.
There is another scam similar to this wherein the scammer uses the victim’s account and texts their friends through that account, asking for money or something like that. Once the money is received, they either continue to ask for more or find a way to hack the friend’s account and dupe them for their money.
All the scammers want is your money. Suppose you should be alert if you see your friends posting or texting you regarding the money they made with bitcoin trading. Anyone asking for login credentials is a red flag. You are never to share your login credentials with anyone.
What is the most appropriate course of action?
Scams on social media will thrive as long as cryptocurrencies are untraceable and people blindly believe social media influencers. As a result, it’s up to you to watch for warning indications. Before proceeding, check the company’s status on the Commodity Futures Trading Commission’s (CFTC) website.
If you come across a message on your Instagram, be it from your friend or an anonymous person, proceed further only after learning more about the coin and the Insta account. Also, be wary of influencers who profess support for a new cryptocurrency out of the blue. Finally, avoiding bitcoin social media scams is to keep your guard up.
Avoid getting scammed
- Never give out your Instagram password to anyone: Scammers use the bitcoin scam to gain trust from victims by bragging about how much money they could make. Passwords, PINs, codes, or other personal information should never be disclosed to anyone, regardless of how persuasive scammers are.
- Use a strong, one-of-a-kind password: You should pick a long and unique password, making it more difficult for hackers to crack your account. Passphrases are also less difficult to forget.
- Usage of multi-factor authentication (MFA): MFA adds an extra degree of security to your Instagram account, making it more difficult for hackers to access it. Go to “Settings,” “Security,” and touch “Two-Factor Authentication” to enable MFA on Instagram. Check your account’s email address is safe. A secure email account has enhanced security features to provide additional protection. Hackers may access your account and other accounts linked to that email. Use multi-factor authentication to safeguard your email.
- Ignore any Instagram offers that appear too lucrative: It probably is if something seems too tempting.
Conclusion
Every day scammers are building new ways to rob people of their money. One such way is Social Media. Social media is a powerful tool; it can make or break a person. Hence, you must be alert and cautious when you encounter unscrupulous bitcoin offers and if your friends suddenly start posting about bitcoin mining. And if you find yourself interested in their offer, back off if they ask for your credentials. Be wary and do not offer it to them, and report immediately to a cyber branch.
Staff Writer; Paul Barker
