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How to Avoid Instagram Cryptocurrency Fraud

Instagram cryptocurrency fraud has become so prominent with thousands of people from all across the globe failing prey to the scammers. As a cryptocurrency investor, it is of paramount importance to make sure that you invest in the right crypto projects to get value for money.

Here are sure-fire ways of avoid Instagram Cryptocurrency Fraud.

Be Careful About Prices

One of the tricks that scammers use is selling high end products at ridiculously low prices to unsuspecting Instagram users. To hook you, they often say they need urgent cash and have no other option but to sell the item at a discounted price.

Avoid falling prey to this tactic since they can as well get short term loans from individual lenders or apply for a payday loan to meet their urgent financial needs.

 

Request for More Pictures

Online scammers rarely own the item and so they will rarely be able to take more images of it when you request. Ask for a precise view of the product such as the interiors of the bag or a picture that captures the details of the manufacturer.

Instagram cryptocurrency fraud

Review the Pictures Fully

Some scammers are wise and know that you might ask for additional information. As a result, they often reuse pictures that are available on other users profile on the platform. Go an extra mile and search for the images online to be sure that the images are actually owned by the scammer.

Most of them will use enticing words to proof that the pictures are of the real product. Look for the same product and compare the images with the pictures sent by the scammer. Run for the hills if you find the same item on multiple accounts online. Note that most scammers have several Instagram accounts.

Use Credit or Debit Card to Pay

If the seller who in this case is an essential part of the Instagram cryptocurrency fraud scheme, claims to be the owner of the company or e-commerce website, request for company registration details and links to the payment pages.

By paying using credit card or debit card, you can file a dispute later on and get your money back. However, note that chargeback will not apply if the card has been used to exchange fiat currency for digital currencies because blockchain transactions are irreversible.

Avoid Wiring the Money or Sending Bitcoin

Cryptocurrency transactions and bank wire transfers are not bound by chargebacks. They cannot be reversed and so if you are convinced that the person selling the product is legit, do not use the two modes of payment. However, the recipient bank account can be frozen by the authorities if you raise an alarm about the transaction. But, just avoid making the transaction to be on the safe side.

These are the five best ways to protect yourself from Instagram cryptocurrency fraud. Read more cryptocurrency news here.

 

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