Cryptocurrencies like Bitcoin and Dogecoin appear to be gaining the attention of investors in India. Many of these investors may not understand the technology, but be swayed by the rise in the value of these virtual currencies. This makes them vulnerable to cryptographic frauds that cybercriminals take advantage of their lack of knowledge and understanding.
Cyber-Dost shared tips to help investors protect themselves from these crypto scams and prevent them from falling for these scams. For those who don’t know, Cyber ​​Dost is the security and cybersecurity awareness handle of the Ministry of the Interior, Government of India, on Twitter. In a tweet, Cyber ​​Dost listed four precautionary measures.
These are
  • Scammers can attract investors through websites and other social media platforms
  • Don’t fall for attractive offers and bogus endorsements
  • Fraudsters may attempt to convince investors to make a payment by online transfer or by gift card for the investment
  • Be vigilant and do detailed research and read crypto reviews online before investing

As the post details, one needs to do detailed research on the digital currency they are looking to invest in. Tracking your past performance and reading reviews online can be a good step. Don’t believe any offer on social media platforms like WhatsApp and Facebook that endorses a particular investment. Always invest through a legitimate platform / app. In addition, one should not make online payments instead of receiving a gift card for investment.
Earlier this week, the country’s central bank, the Reserve Bank of India, asked banks to withdraw their cryptocurrency warning communication. The opinion cites a 2018 circular from the Reserve Bank of India (RBI) that was struck down by the Supreme Court in 2020.

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