How To Prevent NFT Scams

January 12, 2023 World Blockchain

It’s perhaps not surprising that fraudsters are creating NFT fraud given that the market for NFTs had trade volume that exceeded $40 billion in 2021. Use these guidelines to keep your crypto and NFTs secure.

Don’t Share Your Logins
Don’t ever tell anyone the password of your cryptocurrency wallet. A hacker can access your wallet and steal NFTs or bitcoin if they discover your secret phrase or private key. Think about saving your login information somewhere secretive, somewhere no one can mistakenly find.

Use Two-Factor Account Authentication
You can detect attempts to access your accounts by using two-factor authentication. Two-factor authentication provides you an extra layer of protection from scammers Another way to verify is to enable biometric login which can either be your fingerprint or face.

Think About Utilizing A Cold Storage Wallet.
Offline storage methods for cryptocurrencies include cold storage wallets. When you use this method your crypto will be stored offline which means hackers can not access it since it doesn’t have internet accessibility hence your wallet is from scammers and hackers.

Do Not Respond To Suspicious Message
By staying away from any strange emails, websites, or messages, you can avoid coming into contact with hackers or scammers. These are phishing methods to infect your device with malware or to steal your login details and sensitive data.

Safeguard Your Devices By Using Security Software
In the event that you do choose to click on a bad link or piece of software, make sure you have an antivirus or anti-malware software installed on your device which will protect you from hackers. For extra security you can also install virtual private network (VPN) this could be used to increase encryption security.

Before Interacting, Investigate Vendors And Websites
Do your own investigation before trading with any vendor. Be mindful about the website addresses, vendors, and applications you access and payment methods. Verify a vendor’s legitimacy by looking for the blue checkmark next to their name if the vendor’s on twitter , read online reviews, view their social networking sites, how they interact with other vendors and buyers and their advertisements methods.

Also Look At An NFT’S History
View the history of the vendor’s previous NFT transactions. Cross-check pricing on other online markets to determine whether their prices are expensive or cheap, if the prices are cheaper than market price you have to be careful about doing business with such vendor because it might be a scam

Trustworthy Marketplaces
Trade on reputable NFT markets, when you trade on reputable markets in case of a scam the company will help you get your money back since their reputation is at stake.