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Tips to Prevent Cryptocurrency Frauds in India

Written by Anuraag Singh ~ Modified: 15-04-2022 ~ Cyber Tip ~ 3 Minutes Reading

Summary: In this post, you will learn the tips to prevent Cryptocurrency frauds in India. So, read the blog or watch the video to find out all you need to know about it.

The rise of cryptocurrencies is apparent around the world, including India. With several investors earning incredible riches daily, more individuals are hopping on the bitcoin bandwagon for a variety of reasons. To begin, it empowers consumers with control over their assets and transactions. However, in the lack of a centralised body to regulate the operation of bitcoin channels, users may fall victim to fraudsters and become the target of scams. With time, the increasing popularity and rising trajectory of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin has resulted in an increased danger of fraud for clients.

Tips to Prevent Cryptocurrency frauds in India

If an offer appears to be too good to be true, it is always prudent to verify many times before committing. If a deal guarantees you twice the profits with no explanation in sight, the likelihood is that you are falling for a fraud. Therefore, avoid the trade and avoid falling victim to scam.

On the Internet, fake mobile applications that closely mimic actual bitcoin apps are also common. Always search for ratings, user reviews, and the legitimacy of logos to distinguish genuine from fraudulent applications.

Always verify websites and their URLs. Phishers, one of the most prominent technical assaults, is also widespread in the bitcoin sector. Ascertain that you are just engaging and transacting on reputable and approved sites. Even if you click a link from a reputable source or crypto expert. Keep an eye out for sites that you did not want to visit.

Another typical method used by scammers is to send phishing e-mails posing as official communications from a reputable cryptocurrency website or exchange. These emails frequently include tempting offers and incentives in order to entice users.

Masquerading as technical help is another way for scammers to defraud people. Always verify the phone number, social media account, or email address that is being used to contact you – or that is being used to contact you – for tech help and troubleshooting.

So, these are the tips to prevent Cryptocurrency frauds in India. Please read carefully.

What can an Indian victim of a cryptocurrency fraud do?

The following are some actions to take in order to seek justice in India if one is a victim of bitcoin scams and frauds:

It is recommended that when suspicious behavior is identified in a trader’s exchange wallet. They inform the exchange’s customer care and express their concerns to the personnel. A copy of any correspondence with the exchange should retain as a preventative measure.

In order to pursue legal action, the first step is to file a complaint with the local Cyber-Crime Investigation Cell (in the absence of access to such a cell, visit the local police station) and provide information about the nature of the crime, the extent of the damage, and attach the necessary documentation. Attaching a copy of the exchange’s conversation with customer support is permissible. Additionally, you may seek the assistance of a Cyber Crime Expert to ensure that you are aware of everything.

It has been observed that police frequently fail to report such occurrences. This is because people are frequently unaware of how bitcoin is govern by legislation. In such instances, or if the police refuse to accept the report. The victims may file a complaint with the Judicial Magistrate and seek justice under Section 200 of the CrPC.