Bitcoin is considered as a digital currency that's mainly
used by investors to protect their financial assets against devaluation and
inflation, which are mostly affected by government policies, global and
national economics. This is also used by regular online shoppers, ecommerce
merchants, Internet vendors, freelancers and Web affiliates for non-refundable
electronic cash transactions. As more users worldwide begin to use bitcoins for
these objectives, a lot of scammers and criminal syndicates have also begun to
promote fraud websites for the purpose of stealing bitcoins.
It isn't quick and straightforward to exchange bitcoins for
traditional currency, which is also known in the bitcoin trading world as fiat
currency. The quickest and easiest way to get bitcoins is through bitcoin
brokerage firms that require strict user identity verification procedures. This
makes it very difficult for scammers and criminal groups to use fake identity
packages to buy bitcoins using stolen credit cards. The other way is to
exchange bitcoins for traditional currency in peer to peer (P2P) bitcoin
trading platforms. This is where many scammers and criminal syndicates saw the
opportunity for them to steal an unsuspecting seller's bitcoins through their
fraud websites.
How Are Fraud Websites Used to Commit Bitcoin Theft?
Scammers and criminal groups constantly monitor the most
popular P2P bitcoin trading sites and exchange networks. They do this to find
new bitcoin sellers who don't have any experience in using these platforms to
trade their bitcoins for traditional currencies at marked-up prices. Once they
find their ideal victims, they pose as legitimate bitcoin buyers. They then trick their victims to go to their fraud websites that look exactly like the
bitcoin trading platform where they came from.
Once unsuspecting bitcoin sellers are in the fraud websites
of those scammers, they're fooled into entering their account credentials to
log into the same platform. When they do this, the scammer steals their
credentials, uses it to log into their account at the legitimate bitcoin
trading site, and transfers their victim's bitcoins to their own bitcoin
wallets. The user won't be able to recover those lost bitcoins.
That's one way how a lot of scammers and criminal groups use
fraud websites for bitcoin theft. What other fraudsters do is falsely advertise
their fake sites as quicker and easier platforms to exchange bitcoins for
traditional currencies through credit cards, debit cards, electronic bank wire
transfers, gift cards and e-wallets like PayPal, Skrill and so on. Since many
bitcoin buyers are looking for faster and more convenient ways to purchase
bitcoins, many users fall for similar bitcoin scams.
Another way that many scammers do with fraud websites is to
advertise wildly popular products at really low prices, which are only
available through bitcoin payments. They promote their fake sites with bogus
product ads and enticing prices mainly through spam and pop-up ads in blackhat
networks. Significant numbers of Web shoppers are tricked into buying bitcoins
just to purchase the fake products that are advertised in those fake bitcoin
shopping platforms.
Pretty soon, other scammers and criminal syndicates would
most likely be able to think of new ways to use fraud websites for committing
bitcoin theft. To prepare yourself for their newest scams, you should consider
signing up at BigScammers.Com. You'll be able to receive instant email alerts
and real time notifications from this website whenever a user posts a scam
complaint or files a Web crime report in this online community. You'll be a
step ahead of bitcoin scammers through BigScammers.Com alerts and
notifications.
