Cryptocurrencies are exploding in the media again, which means scammers are circling like sharks waiting to pick off the newbies. Luckily, there are 5 tried and tested ways to spot the Bitcoin scams (any scam really). Remember if you get an email out of the blue, and it fails just one of these tests it is probably a scam.
- The from email address is wierd and not one that you recognise.
- There are is a grammar or spelling mistake.
- Hovering over a link in the email goes to a website you don’t recognise.
- There is one key warning sign on the website that the email directs you to.
- It pushes massive returns in a short space of time.
Strange from email address
In the example below, the ‘Make Bitcoin Money’ email address is a meaningless jumble of letters and the domain name is not a recognisable company. Anyone heard of cetpodcast.driverunit.com?
Genuine emails from a legit company will have a email address that is recognizable. Something like email@example.com or firstname.lastname@example.org. Scam emails will often been a jumble of letters followed by an unknown domain. You can usually view the from email address by right clicking the email.
Obvious grammar or spelling mistakes
In the example above there is a grammatical error “explained us in detail” and a missing word “called[missing word].”
There is a third error in the same email “extra cash aside” it should read “extra cash on the side”.
Hover over the links in the email. Do you recognise the web address?
You should never click on links in emails that you aren’t expecting or don’t recognise. That said some scam emails are so good they fool you into thinking they are from a reputable company or website. That is why it is good practice to hover over links to check the web address they will take you to. In the example below, I received an email I thought was from moneysavingexpert.com, but when I hovered my mouse over the ‘Read More’ link I saw a very odd web address that had a meaningless mix of letters and numbers.
One key way to check if a website is a Bitcoin scam
Scam websites are created to push one thing – the scam. But they still have to look legit, that means having a design and menus that suggest the website is big and cointains lots of lovely innocent stuff. The thing is when you click around the pages go nowhere or take you back to the scam landing page. In the example below every link goes to the same web page pushing a scam called Bitcoin System. You can read more about this scam here No! Martin Lewis did not make millions with your Bitcoin Scam!
Scams promise massive returns in a short time
‘It it is too good to be true, it probably is!’ I know, you have heard this before, but it is such brilliant and accurate guide to spotting scams that every living person should hear it. Systems, business ideas, courses, anything offering to make you rich in a short time are scams. Here are some examples:
- 100% ROI guaranteed returns monthly – dodgy investment firm.
- Ride The Wave of bitcoin And Earn a Guaranteed $13,000 In Exactly 24 Hours – Bitcoin trading robot scam
- Earn $1000 a day from home – one of may working from home scams
- Millions are being paid out! $5000 monthly bonsu check – pyramid scheme
- I am make $xxx,xxx with my amazing system for making money on Amazon/eBay/Facebook
Most if not all Bitcoin scams are of the ‘get rich quick’ type so just remember ‘if it is too good to be true………!’