We all use social media platforms in our daily life to connect with people, share our thoughts, and get updates about the happenings around the world. However, admitting the positive aspect of social media, there is also a dark side which requires precaution while dealing with social media. Recently, a 21-year-old Kolkata man was operating a social media account for committing a cryptocurrency scam through his fake social media handle. The scammer used tactics by involving social media influencers to promote his fraudulent social media account for more reach.
The Cryptocurrency Scam Unraveled
The young guy from Kolkata involved in this scam duped people by offering them a scheme where they have to invest in cryptocurrency. The scammer promised them to double their money within minutes after the investment. By gathering more people through his social media account, he has enticed lots of people and made them victims of cyber fraud. The scammer has taken the help of social media influencers by paying them money to promote his fraudulent social media account.
Do not solely rely on promotional content on social media:
Influencer marketing on social media platforms has become very popular. People value the influencers’ content, reviews, and feedback and take them as credible sources for particular information. But such incidents where influencers are promoting fraudulent account which is engaged in committing cybercrime at a big level is such a serious concern and highlights the potential misuse of the trust of their audience or followers. It is important for social media influencers to exercise responsibility and conduct diligence before endorsing any product, service or social media account.
Best Practices to Avoid Falling Victim to cryptocurrency scams on social media Platforms
- Be cautious and do your research: Whenever you are investing in any scheme or in digital currency, make sure to verify the authenticity or legitimacy of the person or company who is offering such service. Check the reviews, official website, and feedback from authentic sources.
- Verify the credentials: Check the genuineness by checking the licenses, registration and certification of the person or company offering such services, whether he is authorised or not.
- Be Skeptical of offers which seem to be too good: If it sounds too good, be cautious and inquire about its authenticity.
- Seek Expert Advice: If you are a beginner in investing in digital currency, you may seek advice from reliable resources such as financial advisors or experts in the field. They can provide insights and guidance to help you make informed decisions.\
- Avoid Unreliable Platforms: Be cautious and stick to authorised established agencies which deal in cryptocurrency exchanges and platforms. Be cautious when dealing with a person or company lacking sufficient user reviews and credible security measures.
- Beware of Influencer Promotions: Even though influencers can be valuable sources of information, sometimes they just endorse paid promotions. So be cautious and take your own sound decision after all analysis while investing in any such services. Influencers should not be the sole basis for your decision you must consider multiple sources and do your own research.
- Report Suspicious Accounts: If you encounter any social media accounts or profiles which seem suspicious and engaged in fraudulent services, you must report such profiles to the respective platform immediately.
The Kolkata Boy cryptocurrency scam serves as a reminder of the dark side of social media, and as these platforms are considered for good, they can also be ground for deception or fraud. As users, you must be vigilant and follow the practices to protect yourself from such scams. Remember that financial decisions should be made based on your own research and expert advice, and do not get influenced solely by promotional content on social media. By being cautious and using social media responsibly, we can help create a safer online environment for everyone.
Author: Neeraj Soni, Intern – Policy & Advocacy Team, CyberPeace Foundation