Protect yourself from cryptocurrency scams: Essential tips to stay safe

As cryptocurrency continues to gain traction, scams involving fake messages posing as popular crypto platforms are becoming more prevalent in South Africa. These scams typically appear through phishing emails, fake SMS messages, and fraudulent social media accounts. Scammers often impersonate legitimate platforms, claiming there’s an issue with your account and urging you to click on suspicious links or share sensitive information such as passwords or wallet details. Investors must stay vigilant and avoid falling victim to these deceptive tactics.

Here are six tips to help you spot and avoid these impersonation scams:

1.  Look for the anti-phishing code

Every official email from platforms like Binance includes a personalised Anti-Phishing Code. If you don’t see the code or if it’s incorrect, the message is likely a scam. Always check the sender’s address and verify the email using Binance Verify, a platform to confirm whether emails, links, or contact details are legitimate.

2.  Never share your password or 2FA codes

Binance will never ask for your password or two-factor authentication (2FA) codes. If you receive a message asking for these details, it’s a clear sign of an impersonation scam.

3.  Verify any suspicious links or numbers

Whether it’s an email, SMS, or social media message, if you’re asked to click on a link or call a number, be cautious. Always verify the legitimacy of the link using Binance Verify before taking any action. Don’t click on anything that looks unfamiliar.

4.  Watch out for fake investment opportunities

Scammers may offer fake investment schemes or exclusive trading signals that promise guaranteed profits. Binance does not offer these types of schemes. Be wary of anyone offering "easy money" or "guaranteed returns."

5.  Be cautious of fraudulent airdrops or giveaways

Fake Binance giveaways often circulate on social media platforms like Twitter, Instagram, and Telegram. These scams may ask you to send cryptocurrency in exchange for a "double return." Binance never conducts giveaways that require you to send crypto first.

6.  Know what legitimate platforms will never ask for

• Ask you to import an unknown wallet
• Request you to install third-party software
• Ask you to call a phone number
• Requesting private keys or passwords
• Send links from unofficial sources
  
  

How to protect yourself:

1. Enable Two-Factor Authentication (2FA): Always activate two-factor authentication for an extra layer of security. This requires you to verify your identity via a secondary device or app, significantly reducing the risk of unauthorised access.‌
2. Use secure connections: Always ensure you are on a secure, encrypted connection when accessing crypto platforms. Look for “https://” in the URL and a padlock symbol in the browser's address bar. Avoid logging in on public Wi-Fi networks.‌
3. Regularly update your security settings: Review and update your account security settings frequently, including email addresses and phone numbers associated with your account.
4. Monitor your accounts: Keep an eye on your account activity and transaction history. If you notice anything unusual, report it immediately.

What to do if you receive a suspicious message:

• Ignore it: Don’t click on any links or respond.
• Report it: Flag the message via Binance’s customer service portal.
• Educate Others: Share this information to help prevent scams from affecting other users.

While scams are becoming increasingly sophisticated, awareness is your best defense. Always verify before you act, stay alert, and make use of Binance’s security features, like the Secure Asset Fund for Users (SAFU), an emergency insurance fund to protect users in rare events.

For more security tips, visit the Binance Blog. Stay safe out there!

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