Cryptocurrency frauds are the order of the day and federal authorities advise users to be careful. Google
The story is business as usual. The accelerated advancement of technology makes events that were unimaginable, that are still wonderful and surprising seem like an everyday thing and one of those that stand out in that category is the cryptocurrency market.
That digital money that only exists electronically, in which physical bills are not handled, allows impressive transactions to be made and has continuously generated the birth of new cryptocurrency brands and investment modalities that can mean instant profits that could previously be aspired to with months or perhaps even years of work.
The best known cryptocurrencies are Bitcoin and Ether, but just as great profits can be obtained, scams are also the order of the day, frauds that can compromise the financial future of a person.
The Federal Trade Commission (FTC) is the U.S. consumer protection agency and offers its Spanish-language site https://www.ftc.gov/es to guide and warn the general public about deceptive and fraudulent practices.
As for the issue of cryptocurrencies, he emphasizes the warnings about the payments that can be made about this modality.
He warns that there are important differences between paying with a cryptocurrency and paying with a credit card or other traditional payment methods.
- * First, cryptocurrency payments have no legal protections. Credit and debit cards have legal protections if problems arise. For example, if you need to dispute a purchase, your credit card company has a process in place to help you get your money back. Cryptocurrencies generally don’t have that protection.
- * Usually, payments with cryptocurrencies are irreversible. Once you pay someone with a cryptocurrency, you can usually only get their money back if the person you paid returns it to. Before buying something with cryptocurrencies, it is recommended to find out the reputation and address of the seller and how to contact someone if any problems arise. It is good practice to confirm these details by doing some research before paying.
- * Some of the information about your transactions is likely to be public. People often say that transactions with cryptocurrencies are anonymous. But the truth is not that simple. Some cryptocurrencies record some details of transactions in a public accounting record, called a “blockchain.” That’s a public list of every cryptocurrency transaction, both from the payer and receiver of the payment. Depending on what the cryptocurrency is, the information that is recorded on the blockchain may include details such as the amount of the transaction and the addresses of the digital wallet of the sender and receiver of the payment. The address of your digital wallet is a long chain of numbers and letters. Although you can use a fake name to register your digital wallet, it is possible to identify the people involved in a specific transaction using the transaction and wallet information. And when you buy something from a seller who asks for other information, for example, a delivery address, that information can also be used later to identify you.
Scammers are always looking for ways to steal money from cryptocurrency users. A sure indication of a scam is when someone asks you to pay with a cryptocurrency.
In fact, anyone who tells you to pay with a money transfer, gift card, or cryptocurrency is a scammer. Of course, if you pay in any of those ways, there’s almost no way you’ll get that money back. That’s the goal of scammers.
There is also the recommendation to report when any social media user receives a tweet, text message, email and other type of message on social networks to persuade or convince them to make payment with cryptocurrencies of any brand. Scams or scam attempts should be reported to ReporteFraude.ftc.gov
Consumer protection authorities recommend avoiding engaging in practices or conduct such as the following:
- * Investment scams and business opportunities
- * Scammers guarantee you will make money
- * Scammers promise high returns with guaranteed profits.
- * Scammers promise free money. They will promise it in cash or cryptocurrencies, but promises of free money are always fake.
- * Scammers make big statements without details or explanations
- * Email blackmail
- * Social Media Scams
The user who was the victim of a scam is advised to report fraud and other suspicious activity involving cryptocurrencies to:
- * The FTC in ReporteFraude.ftc.gov.
- * The Commission on Term Commodity Trading (CFTC) in CFTC.gov/TipOrComplaint.
- * The U.S. Securities and Exchange Commission (SEC) in sec.gov/tcr.
- * The cryptocurrency exchange company you used to send the money.
