What is cryptocurrency?
Cryptocurrency is an innovative digital decentralized and distributed online currency. It’s not controlled by any central party and has no physical value. At the same time, it’s basically like buying a commodity.
Cryptocurrency is released into circulation when a pre-determined amount of computing power is put into the cryptocurrency network. The person or entity creating the new cryptocurrency gets rewarded for the work they put in by a system called the mining process.
Section 2: What are wallets?
A wallet is a type of software application that can be used to store cryptocurrency in. It acts as an intermediary between you and the currency’s associated account. Cryptocurrency is decentralized and as a result, wallets allow users to have a direct link to the blockchain.
How to protect yourself against scams
So, if you haven’t already been a victim of such fraudulent online scams, it’s best to take precautions to protect yourself from it. You can put a stop to the malicious use of your personal information and security settings can help, too. As for making your online activity safer, here are a few steps you can take.
Use apps and privacy settings
One of the first things you should do to protect your personal data is set up privacy settings for all of your applications and programs on your smartphone. In Android, do this by tapping on Settings>Privacy>General>Advanced>Content settings. In iOS, users can head straight to Settings>Privacy>Location Services>Content settings.
Why do scams happen?
Aside from being a universal practice, online scamming also has to do with certain psychological principles, such as the “fear of missing out.” Individuals are prone to go out of their way for small rewards, such as getting a free Amazon product or trying a new mobile service. But the truth is that the rewards they are looking for are rarely worth the risks involved. When they think they’re going to have a free gift or get a better deal on an item, they’re more likely to invest in it, even if it may cost them far more in the end. Unfortunately, scamming is a tricky business, as they prey on people’s emotions and exploit them in order to collect their hard-earned funds.
Find Your Way Back
Fund recovery companies specialize in dealing with these kinds of scammers.
Cryptocurrency fraud
Similar to online fraud, cryptocurrencies also are a market that is fast-paced, so rapid swings in value make it a target for scammers. Bitcoin, for example, is a cryptocurrency that is used around the world. In fact, if you wish to get an idea of the numbers involved, imagine a $100 billion investment in Bitcoin alone.
According to the Digital Crimes Unit, an organization that works on the extradition of cyber criminals and that fights cybercrime worldwide, cybercrime in 2018 affected $2.37 trillion. It also resulted in losses of $306 billion, 1.5 million victims, and a loss of $451 billion in 2018 alone. For comparison’s sake, the numbers in 2016 and 2017 were $1.7 billion and $200 billion respectively.
Fund Recovery Companies
To find reputable Fund Recovery Companies, you can try to consult with various state bar associations. You can also check in with the National Bar Association, which has numerous companies available to you. Among the numerous companies you can utilize, you can choose an organization that is certified by the Better Business Bureau. Some of the funds recovery organizations you can choose from include the TABB Financial Recovery Services of Texas.
Consumers and businesses are expected to provide honest answers to questions and practices such as the following. For instance, to prevent future fraud and fraudulent charges, they should always notify their credit card companies. Likewise, if their bank accounts get debited, they should keep an eye on their accounts.
Conclusion
When it comes to identity theft, online or offline, the best thing you can do is to keep your ID safe and sound.
In order to make the recovery process easier, you should purchase a secure password manager. For starters, make sure to set up multi-factor authentication on all your online accounts to prevent unauthorized access to them. And next, use multi-factor authentication for your online banking services to further reduce the risk of a fraudulent transaction. Finally, a true hacker always has his eyes on the victim’s online account and sees the login request coming from somewhere other than your own device, so make sure that you don’t visit the fraudulent website and instead log in from a different and secured one.