Bitcoin and Other Cryptocurrency Investors

Investors in India appear to be interested in cryptocurrencies such as Bitcoin and Dogecoin. Many of these investors may not comprehend the technology but are seduced by the increase in the value of virtual currency. As a result, they are prone to crypto fraud, as cyber thieves take advantage of their lack of awareness.

Cyber Dost Suggestions

Cyber Dost has offered some suggestions to help investors stay safe from cryptocurrency scams and avoid falling for them. For those unfamiliar, Cyber Dost is the Ministry of Home Affairs, Government of India’s Twitter handle for safety and cybersecurity awareness. Cyber Dost outlined four preventative measures in a tweet.

These are:

Scammers may use websites and other social media channels to recruit investments.

Don’t be fooled by tempting offers or phony recommendations.

Fraudsters may try to persuade investors to pay for investments through an internet transfer or a gift cart.

Before investing, be cautious and conduct thorough research as well as read online crypto reviews.

As stated in the article, one must undertake extensive research on the digital currency in which they wish to invest.

It’s a good idea to keep track of its prior performance and read online reviews. Any offer on social media platforms such as WhatsApp and Facebook endorsing a specific investment should be ignored. Always invest through a reputable platform or app. Also, making online payments in place of receiving a gift card for investment is not a good idea.

The Reserve Bank of India, the country’s central bank, urged banks to stop issuing cryptocurrency warnings earlier this week. The letter apparently refers to a Reserve Bank of India (RBI) circular from 2018 that was overturned by the Supreme Court in 2020.

BuyUcoin Security

1. KYC-AML Practice to Safeguard Users from Identity Fraud.

2. Strong password and account OTP verification.

3. Cold storage wallets and hot wallets, where your coins are stored online and ready to use all the time.

4. Trading Pin (Under the security section, customers can enable trading pin a six-digit code for transaction verification)

5. Also, as an extra security step, every transaction requires an OTP from the customer’s email.

6. When you activate 2FA, you’ll need to provide additional information whenever you log on, such as a code you receive by SMS.(enabled from the security section under the customer’s profile)