In summary:
Crypto traders and investors are often bombarded with online offers for one-of-a-kind investment deals that look to good to be true. Such offers are usually through Twitter, Telegram, Reddit, LinkedIn, fake websites, and via the occasional random email. Over the years, savvy crypto enthusiasts have come up with methods of identifying such unscrupulous individuals who target major communities such as the XRP Army
.Members of the XRP community are leading the charge in identifying such scams that continue to change tactics. The most recent scam was identified by PandaRippleXRP who pointed out that the individuals behind these fraudulent activities are becoming more sophisticated. PandRippleXRP shared this information on Twitter via the following tweets.
The team at Ripple has also observed that scammers are increasingly targeting the XRP community and has provided information on how to spot such scams.
, the team at Ripple has explained that the easiest way of spotting a scam is when the imposters request crypto before sending the reward they have promised. The team at Ripple further explains that winnings from a legitimate offer are usually free to redeem.In many cases, the first warning that a giveaway ad is a scam is that in order to receive the reward, you must first send money and/or provide your personal financial account information.
For any real sweepstakes, winnings are always free and never ask for money or financial account information upfront.
As earlier mentioned, scammers are evolving with many employing more sophisticated tactics to appear legitimate. Some of their tricks include:
Team Ripple further explains that personal due diligence is key in validating any giveaway on social media.
If a giveaway looks real, we suggest first visiting the company’s main website and verified social channels to confirm if the ad is readily viewable.
If an ad is real, more than likely the sweepstakes are also featured on the main pages of legitimate company sites.
Also, you can contact the company directly and inquire about the contest.
Additionally, in response to the increment in scams targeting the XRP community, the team at Ripple has hired an external cybersecurity and digital threat intelligence vendor to help in the efforts of identifying and taking down fraudulent giveaways. XRP community members are also requested to report any unusual activity using this form.