How to avoid online cryptocurrency gaming scams in 2024?
In the dynamic world of online cryptocurrency and gaming where innovation and opportunity thrive, so too does the shadow of scammers and fraudulent schemes. As we navigate 2024, being prepared for potential cryptocurrency scams is critical to protecting your investments and personal information. Recent incidents in the cryptocurrency gaming space highlight the evolving tactics of fraudsters and highlight the need for vigilance and informed decision-making among users and investors.
One alarming trend is the use of sophisticated “smishing” scams, where attackers send fraudulent SMS messages pretending to come from reputable sources to phish for sensitive information. A notable incident involved Binance customers in Hong Kong, who lost nearly $500,000 due to such a scam. There has also been a rise in romance scams that utilize social media and dating platforms to build trust before falsely requesting cryptocurrency, with victims losing significant amounts of money due to these deceptive practices.
The rise of fake QR codes, or “quishing,” presents another method scammers use to steal personal and payment information by directing victims to fraudulent websites. Similarly, YouTube has been exploited by scammers impersonating celebrities using deepfake technology to lure viewers into sending them cryptocurrency with false promises of doubling their investment.
Another pressing issue is the targeting of cryptocurrency communities on platforms like Discord, where hackers spread fake announcements and links to steal from users, especially within non-fungible token (NFT) projects.
2024 has already seen a series of high-profile hacks and scams, highlighting ongoing cybersecurity issues within the cryptocurrency space. For example, gaming and NFT platform PlayDapp experienced serious abuse that led to the unauthorized issuance of tokens worth more than $290 million. This year also saw the disappearance of BitForex, an online cryptocurrency exchange that withdrew about $57 million from hot wallets and blocked users from accessing their accounts.
Moreover, AI-based phishing scams and smart contract vulnerabilities are becoming increasingly sophisticated, posing a serious threat to cryptocurrency projects and investors. Security experts warn that generative AI will enable hackers to create convincing fake communications, and that the BRC-20 ecosystem and cross-chain bridges are likely to attract additional attention from attackers due to new security concerns.
To navigate these treacherous waters: 9 Expert Tips to Avoid Online Crypto Gaming Scams 2024:
1. Only use trusted platforms for all game purchases
Use only reputable exchanges and platforms with strong security and customer service records.
Many games offer additional purchases, and there are legitimate websites where you can buy codes for these purchases, as well as codes for full games and various other forms of downloadable content (DLC).
However, due to these websites, there are many scam websites that offer fake game and DLC codes and try to steal your money. Always make sure the site you are using is legitimate.
For example, sites like Steam, CDKeys, and G2A are some of the most legitimate places to make these purchases.
Stepan Solovev, CEO and co-founder of SOAX, said: “Invisible signs of a fake website include incorrect spelling, unrealistic prices, too-good-to-be-true promotions, and limited payment options.
“You should also check if your website has HTTPS or suspicious URLs. If the domain says HTTP instead of HTTPS, it means the site is not secure, which is a red flag for fake websites. “Every legitimate website that sells products has HTTPS.”
2. Do not respond to emails or DMs asking for more details.
If you receive an email or DM requesting personal or banking information from your console or game account, you should ignore it, even if it appears legitimate.
Gaming companies will never ask for your banking or personal information under any circumstances, so you should ignore the email even if it appears to be from a legitimate gaming company.
To be sure, always check your email or direct mail for spelling errors or check your email address carefully for typos.
3. Don’t share your login information with friends
Sharing account and login information with friends is very common among gamers. Offers like the ‘Share Game’ incentive mean you can save on the game by passing the code on to your friends. However, this means they need your details, and sharing these with friends can be risky.
Even if you can entrust your account details to a friend, the fact that your data is on someone else’s device means that that information could be stolen elsewhere, regardless of the security measures you have in place to prevent fraud. .
It’s important to educate your friends on best security practices to minimize the risk of a breach on both sides. By raising awareness and implementing proactive security measures, gamers can enjoy the benefits of game sharing while protecting their accounts from potential threats and breaches.
4. Protect your online presence and use two-factor authentication.
Two-factor authentication means that you and anyone else trying to access your account must provide two forms of identification to log in. This is usually your password and phone number, but can also be done via email or an external app.
Typically, you enter your password to log in to your gaming account. Your account will then send a code using your smartphone, email, or authentication app. To access your gaming account, you must first enter that code. This extra step makes it more difficult for hackers to access your account.
5. Use a credit card instead of a debit card
If you typically use a debit card instead of a credit card to purchase online games, you may want to think again. With credit cards, you have to fight with the card issuer to get your money back. If you use a debit card, you’ll have to fight to get your money back.
From a legal standpoint, credit cards generally offer more protection against fraudulent activity. However, there are ways to mimic some of these protections by using a debit or prepaid card. Deciding what’s best for you and your situation will help you protect your money when you spend online.
6. If you have children, make sure appropriate arrangements are in place.
Unfortunately, games like Fortnite and Minecraft, along with many other games designed for children, provide a platform for scammers to exploit their sensitive personalities.
These scammers may sell children fake in-game currency, provide them with personal information, or direct them to fake websites to make purchases. Find out what your child is doing on their game console and who can contact them.
You should also make sure your credit or debit card information is not accessible to your children so they cannot make purchases. Even if the intentions aren’t malicious, many games advertise in-game purchases very explicitly and make them very easy to buy.
Make sure your child’s gaming device doesn’t have their banking information connected to them so they don’t get persuaded to spend money without your knowledge.
7. Investment monitoring
Regularly check your cryptocurrency wallet and gaming account for unauthorized transactions. Monitoring your investments is extremely important in the context of cryptocurrency gaming, especially to protect against fraud, which is becoming increasingly prevalent in this innovative yet volatile space. Cryptocurrency gaming platforms often involve financial transactions in the form of cryptocurrencies or NFTs, making them attractive targets for fraudsters.
8. Report suspicious activity
Reporting suspicious activity is an important step in the fight against online cryptocurrency gaming scams and other forms of digital fraud. This process includes notifying relevant authorities or platforms about potential fraud or suspicious activity to protect yourself and the wider community from similar threats.
9. Educate yourself
Educating yourself about the risks and best practices of online cryptocurrency gaming and investing is important to safely navigate this space. By staying informed, you can: Become more aware of potential fraudUnderstand the security measures needed to protect your assets and make more informed decisions about your investments.
Read more: Will 2024 be the year of cryptocurrency heist? Trends certainly suggest so!
