- 1 What is a bitcoin scam in Dubai?
- 2 What are the known bitcoin scams in Dubai?
- 2.1 1. Scams involving investments or business opportunities
- 2.2 2. Cryptocurrency imposter or impersonation scams
- 2.3 3. Cryptocurrency extortion or blackmail
- 2.4 4. Scams involving cryptocurrency giveaways
- 2.5 5. Fake Apps that are not real
- 2.6 6. Scams involving cryptocurrencies on social media
- 2.7 7. Scams involving cryptocurrencies in the workplace
- 2.8 8. Cryptocurrency loader or load-up scams
- 2.9 9. Phishing cryptocurrency scams
- 2.10 10. Scams involving cryptocurrencies on social media
- 3 How to avoid Bitcoin Scam?
- 4 Where to report the bitcoin scam in Dubai?
- 5 How to recover the lost cryptocurrency?
- 6 DubaiCoin
What is a bitcoin scam in Dubai?
Cryptocurrency is a sort of digital currency that exists solely on the internet. Unless you utilize a service that allows you to exchange cryptocurrencies for a physical token, there is no actual coin or bill.
Without the use of an intermediary such as a bank, you normally exchange cryptocurrencies with someone online, using your phone or computer. The cryptocurrencies Bitcoin and Ether are well-known.
The recent flurry of interest in cryptocurrencies has piqued the interest of a wide range of investors, but it has also piqued the interest of scammers. The most common goal of crypto scams is to obtain sensitive information such as security codes or to dupe an unsuspecting user into sending cryptocurrency to a compromised digital wallet.
Attempts to gain access to a target’s digital wallet or login credentials include: Scammers are looking for information that will allow them to gain access to a digital wallet or other confidential information such as security codes. Additionally, It can even include access to real hardware in some circumstances.
Moreover, Directly sending cryptocurrency to a scammer as a result of impersonation, false investment or business possibilities, or other malicious tactics.
What are the known bitcoin scams in Dubai?
Bitcoin, Ethereum, Tether, Polkadot, and Dogecoin are all digital currencies. Whether or not you invest in one of these cryptocurrencies, you will undoubtedly be familiar with at least one of these digital payment methods by 2021.
Most bitcoin transactions are not reversible, and they are not regulated by the government.
When your hard-earned cash falls into the hands of a con artist, the prospects of getting it back are minimal. The best defense against a worst-case scenario is to avoid bitcoin scams from the outset.
Following are the known scams:
1. Scams involving investments or business opportunities
Scams involving investment or business opportunities usually start with an unsolicited invitation to become a bitcoin investor, which leads you to a fake website where you may learn more about the possibility. Once you’ve registered, you’ll be urged to start investing and making money right away. It’s possible that the website contains forged celebrity endorsements or testimonials.
2. Cryptocurrency imposter or impersonation scams
When a cyber criminal pretends as a reputable source in order to persuade victims to perform a bitcoin transaction, this is known as an impostor or impersonation scam. This might be a government agency, a credit card company, a bank, or even a service provider, and they’ll usually contact you via email and request that you pay using cryptocurrencies. It’s even possible that it’s a phony celebrity.
3. Cryptocurrency extortion or blackmail
Blackmail or extortion is one of the oldest scamming techniques in the book. It occurs when you receive an email claiming that someone has compromising material about you — such as images, videos, or personal data — and they demand payment or they will reveal it.
4. Scams involving cryptocurrency giveaways
Giveaway scams are a hybrid of impersonation and social media cryptocurrency scams, in which victims are enticed to donate money to someone who promises to multiply the amount.
5. Fake Apps that are not real
Different cryptocurrencies have different apps as digital payment methods. Cybercriminals are capable of duplicating them. Over ten thousand users have downloaded phony cryptocurrency apps. Users may begin sending payments directly to crooks after downloading these bogus apps.
Scams involving bitcoin on social media are exactly what they sound like: scams involving cryptocurrency on social media. This is frequently accomplished through a phony social media post or commercial asking for payment in bitcoin.
7. Scams involving cryptocurrencies in the workplace
Employment bitcoin scams sometimes start with an unsolicited job offer that leads victims to a bogus website to learn more about the opportunity, similar to investment or business opportunity scams.
8. Cryptocurrency loader or load-up scams
Some cryptocurrency scams are as straightforward as asking for your account logins, believe it or not. This is how a bitcoin loader or load-up scam works. Scammers may contact victims and beg to borrow their accounts because they require greater credit limits. The scammer promises to give them a cut of the profits from their investments in exchange.
9. Phishing cryptocurrency scams
Phishing schemes, another old-school cyberattack, usually take place via email and contain a request for money. These mails are frequently sent by hackers impersonating credible sources, making phishing attacks comparable to impersonation scams.
Scams involving cryptocurrency that take place on social media. This is frequently accomplished through a phony social media post or commercial asking for payment in bitcoin. You might even see other users commenting or posting feedback on the post. These could, in fact, be bots.
How to avoid Bitcoin Scam?
- Never grant remote access to your machine to support employees (or anybody else for that matter).
- Secondly, Outbound calls requesting confidential personal information should never be accepted. When making outgoing calls, be mindful that scammers can impersonate real phone numbers.
- Never transmit cryptocurrency to a supposed support agent’s external address.
- Under the pretense of address verification, never send cryptocurrency to giveaways.
- Any phishing or scam attempts should be reported.
- All giveaways and offers found on social media should be taken with a grain of salt.
- Only send cryptocurrency to people you know and trust. Look for reviews or stories about the receiver that are publicly verified.
- Report the email to your email provider as spam.
- Make a police report with your local authorities.
- Lastly, Under no circumstances should you give out your passwords or security codes to a third party.
Where to report the bitcoin scam in Dubai?
Report any cryptocurrency-related fraud or other suspicious behavior to Dubai Electronic Security Centre. You can email at email@example.com or their direct line is 901. For further details check here.
How to recover the lost cryptocurrency?
If you have a backup, you can restore the wallet using the private keys of the public addresses where the bitcoins are stored, or you can recreate a new wallet using the restore from seed or private key option.
According to the Dubai administration, the widely spread claim that Dubai has developed its own cryptocurrency, branded DubaiCoin, is a hoax.
Arabianchain Technology, based in the United Arab Emirates (UAE), introduced DubaiCoin. Moreover, It claims to be the Arabic world’s first public blockchain-based cryptocurrency.
However, the Government of Dubai Media Office tweeted on 28 may 2021 “DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”