A group of youngsters have been duped out of Rs 16 lakh by investing in cryptocurrency. The group of friends were lured by higher profits in cryptocurrency and lost the money they invested. According to the authorities, one of the victims befriended a person on Facebook who advised him to invest in cryptocurrency trading by installing an app. Believing him, the victim downloaded the app and set up an account on his phone. He then invested a few lakhs and profited.
At the suggestion of the fraudster, the victim told his acquaintances about it and piqued their curiosity by claiming to have made gains. His friends also put money into the cryptocurrency trade. However, they did not make any money and were out of pocket. They sought the cyber crime police in Hyderabad after realising they had been duped. The police have opened a case and are conducting an investigation based on a complaint.
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As new as cryptocurrency is to the world, one of the most popular types of scams in the business is almost as old as the Internet itself. While a crypto transaction is secure, nothing prevents a fraudster from constructing a bogus website that forces the user to transmit crypto or even their own fiat money to a cybercriminal – this is known as phishing.
The attacker could direct a person to such false websites using a malicious email, social network posts, text messages, and other means. Such websites would typically sell some enticing scheme based on cryptocurrencies or NFTs in order to get you to spend money. The transaction appears to be lawful as well, however, it will deliver money to crooks.
One should always avoid downloading any documents from unknown emails, messages, or websites in order to recognise and avoid these scams. Always check if the web pages that accept payments are HTTPS certified.
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