Firoz Patel Warns Against Cryptocurrency Fraud

Cryptocurrency is a form of digital currency that can be used as a medium of exchange just like any other currency. Bitcoin is the one of the most popular digital cryptocurrency. In recent times, Bitcoins have been in the news due to the phenomenal rise in their tradeable value. More and more businesses now support Bitcoins. Online payment processing platforms such as Payza also offer extensive Bitcoin support. Merchants can now price their products and services in Bitcoins. Similarly, consumers can shop online using Bitcoins. Payza’s e-wallet can also be used to store Bitcoins and it is very easy to convert Bitcoins into any of the other currencies supported by Payza and vice versa. The ease of conducting transactions with Bitcoins has attracted many users to this digital currency. However, this popularity of Bitcoins has also given rise to a new type of fraud.

Cryptocurrency Fraud

According to Payza’s Firoz Patel, frauds related to cryptocurrency have started mushrooming. Criminals typically pose as investment brokers and offer people the opportunity to invest in new digital currencies. Sometimes the fraud can be very sophisticated. Fraudulent cryptocurrency call centers are used to call unsuspecting people and persuade them to invest in the fake cryptocurrency. These frauds have only recently come to light and Firoz Patel says that it is very important to increase awareness about such scams. Cryptocurrencies by themselves are difficult to counterfeit and payment platforms such as Payza are known for the security measures they employ to protect their users from cyber criminals.

How to Avoid the Fraud

You should be careful of investments that promise high returns in a very short time. Also, never entertain an investment caller without first verifying his or her credentials. A very lucrative offer where you are asked to invest immediately or you will lose out on big gains should immediately set the bells ringing as these are all signs of fraudulent operations. Some fraudsters use impressive names and addresses. Fraudsters usually use aggressive sales tactics to make their victims give up large sums of money. Do your due diligence before investing in such schemes or offers.

How to Report the Fraud

If you are a victim of such a fraud then the first thing to do is immediately report the scam to the law. Then alert the bank to protect your account and stop payments yet to be made. Being vigilant is the best way to avoid becoming victims of scams and cyber frauds.

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