Top Tips to Overcoming Scammers Online: Before, During & After Your Token Sale

ICO scam.jpg

The latest report released by cybersecurity and antivirus firm Kaspersky Labs, states that in the second quarter of 2018, more than $2.3 million dollars was lost to crypto scams. The report titled “Spam and Phishing in Q2 2018”, said that 58,000 phishing attempts were used to gain access to victims’ accounts and private key information. Coin giveaways were one of the ways cybercriminals entice their victims to willingly send them cryptocurrency. Besides phishing, there are several other tricks online scammers use during a token sale.

Cybercriminals use the names of new Initial Coin Offering (ICO) projects to collect money from potential investors in fake early access events, with Ethereum (ETH) being the most popular cryptocurrency for phishers. According to the report, ETH’s popularity among cybercriminals increases as more funds are attracted to ICOs on the Ethereum platform.

I have been targeted by global scammers during my work with ICO projects. Unfortunately, some of the project’s investors fell for these tactics and lost crypto. However, there are several ways to overcome scammers online when you are conducting a token sale. Here are just some of my recommendations based on personal experience with online scammers.

How to combat online scammers

Before a Token sale

Set up official project and news groups, and frequently communicate the correct details on all legitimate channels including: website, email, Telegram, blogs, and social media. Anti-scam messages should also be posted in Telegram to highlight that admins will never ask for crypto and asking members to stay vigilant while online. For example:

Scam alert

Scam alert

Stay safe online

Stay safe online

These are a few examples of anti-scam images that I constantly posted onto Telegram channels with previous projects.

During the Token sale

Many projects mute their Telegram groups during the token sale due to the increased amount of activity and conversation. Muting a channel ensures that no-one else can comment in the room. This allows admins to control the messaging during a very frantic period, keep the site secure and proactively avoid scams.

Becoming best practice: other projects also mute channels during their token sale.

Muted channels

Muted channels

After a Token sale

Post token sale, the scammers are likely to go elsewhere and move onto another project. Do not be afraid to ban anyone or anything suspicious while online and encourage a reporting culture within your community. Always report anything suspicious via email or via an admin in Telegram. With the potential for many innocent people to lose thousands in value to scammers, take a proactive approach and be vigilant at all times online.

And finally, good luck with your token sale. Read my previous blog to learn of the tricks online scammers use during a token sale and be sure to constantly engage, update and educate your community so that they don’t fall prey to crafty cybercriminals!

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