Like it's physical counterpart, cryptocurrency is highly susceptible to fraudsters who will attempt to find vulnerabilities in the system and obtain funds through illegitimate means from victims. "2 Therefore, we need to take an active role in fraud prevention and providing education to those wanting to invest in cryptocurrency. TYPES OF CRYPTO SCAMSROMANCE SCAMSOften seen in traditional banking relationships, romance scams have grown exponentially in the crypto world. PHISHING SCAMSPhishing has been a tried-and-true method of fraud that has worked for a long time, in and out of the crypto world. Scammers reach out to the victim's phone carrier and pretend to be them, requesting that the phone number be transferred to a new phone.

Source: Forbes May 15, 2023 06:48 UTC