SCAM OF THE WEEK: Watch Out for Celebrity Cryptocurrency Scams

Cryptocurrencies, such as bitcoin and non-fungible tokens (NFTs), continue to gain popularity with people all over the world. Celebrities are often hired to advertise cryptocurrency projects and investment opportunities. However, a star-powered endorsement doesn’t guarantee that you’ll get a good deal.

After building a cryptocurrency scam, cybercriminals boost the scam with fake endorsements. The cybercriminals usually impersonate public figures who have previously promoted cryptocurrency to make the endorsements seem legitimate. The endorsements are meant to influence you to invest in their cryptocurrency scam. If you fall for one of these scams, you will not see a return on your investment. Instead, you’ll put your money directly in the hands of a cybercriminal.

To protect yourself against cryptocurrency scams, use the following tips:

• Never trust a get-rich-quick scheme. If something seems too good to be true, it probably is.
• Cryptocurrency scams are usually recognized and shut down quickly. If you see a new cryptocurrency opportunity, wait before investing. If the cryptocurrency project is still active after several days, it is less likely to be a scam.
• Remember that celebrities get paid to endorse cryptocurrency. If you want to invest in cryptocurrency, do your own research instead of trusting a celebrity endorsement. Look for long-standing cryptocurrency projects that follow your country’s financial regulations.

For more information about IT and cybersecurity services for small and medium businesses or to schedule a free initial consultation with no obligation for your business, contact ORAM Corporate Advisors now at (617) 933-5060.