4 Steps to Avoid Cryptocurrency Fraud on Instagram

4 Steps to Avoid Cryptocurrency Fraud on Instagram

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Instagram’s cryptocurrency fraud news is for real. There was a wave of complaints from investors about the security of crypto coins operating on Instagram. Many investors also claimed that there were fake sellers promising to offer luxury deals at bargain prices, but once they transferred their coins, the deal literally disappeared. That’s why experts have come up with a few steps that can prevent you from falling into the traps of fraudulent sellers on Instagram.

1) Consider avoiding crypto payments or wire transfers

The problem with cryptocurrency transactions and wire transfers in Instagram is they don’t have chargebacks; meaning, you cannot reverse your decision for the payment. If you notice that the seller only offers two payment options, bank transfer, and cryptocurrency, then there’s something fishy going on. Wiring money to the account of the seller will leave them with an opportunity to freeze bank accounts. Similarly, they can also freeze the cryptocurrency wallets if you reveal confidential information. So, try to avoid both these payment options when you find an attractive deal.

2) Do a quick background check

Why would anyone sell a high-end product at an 80 or 90% discount? You might come across the argument that the seller needs financial liquidity quickly, but that shouldn’t stop you from doing a background check. For example, if a third-party seller on Instagram offers to sell Rolex watches at a 70% discount, do you think it’s a deal worth taking? Why would Rolex sell their watches at such massive discounts? Moreover, why is the seller only accepting crypto payments and not debit or credit card transactions? These are clear signs that there is something wrong with the seller.

3) Pay using credit or debit card

It is easy to use cryptocurrency while purchasing anything via Instagram because you can spend less on a considerably expensive item. Check out this Tesler App Test, which helping investors stay updated with real-time price fluctuations, all you need to do is confirm the purchase and send the crypto coins. However, it may not turn out as a fruitful deal. That is why experts recommend using debit or credit cards.

Sellers often claim that they are moving banks and that’s why it’s better to pay via crypto coins. Don’t fall for that trap. Your transaction will get recorded as soon as the moving process is over. Plus, there are provisions for chargebacks on various credit cards. This applies for items that arrived damaged, product received doesn’t match with the description, and so on. Since the chargeback is not applicable to crypto and fiat currencies due to blockchain’s irreversibility, it is better to pay using debit or credit cards.

4) Check for realistic pictures

If you are not happy with the available images on the seller’s Instagram handle, ask for more photos. By now, you must understand the difference between edited pictures and real images. If the photos don’t look realistic, pass the deal or request for better pictures.
Instagram is now a hub for thousands of online sellers, some of which are taking advantage of people’s lack of knowledge about crypto payments. So, don’t fall for such traps.

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August 19, 2019 at 08:52AM