- Ever since the launch of cryptocurrencies till today, there are several stories and controversies of rags-to-riches.
- In this term, Ripple revealed in its recent report about how to spot XRP giveaway scams.
- Moreover, the scams also impersonate companies and individuals.
Ever since the launch of cryptocurrencies till today, there are several stories and controversies of rags-to-riches. However, at the same time, it has fueled scammers to earn millions from gullible buyers and investors. In this term, Ripple has revealed in its recent report about how to spot XRP giveaway scams.
— Ripple (@Ripple) May 29, 2020
The scams Impersonate companies and individuals
As per the report, a giveaway scam describes as an attempt to convince consumers that they will receive more funds in return if they send money through an airdrop. These scams are often spread through misleading social media profiles over YouTube, Twitter, Facebook, and many more.
Moreover, the scams also impersonate companies and individuals. For these issues, Ripple has appealed to the social media platforms to remove fake ads and posts from there platform. That assures the users the giveaway of free XRP.
Besides this, it was found that these scams have defrauded thousands of victims of XRP whose value comes in thousands of dollars.
Then how to spot the scam?
So, the question comes in mind that how to spot giveaway scam? For this Ripple says, any real sweepstakes or winnings are always free. They never request for any kind of money or financial account information of the customers.
On the other hand, to spot impersonations is quite challenging as the scammers create a sense of validity by using logos. The scammer also uses profile image, company executive social handles, or branding that exactly matches the real company’s imagery.
Further, Ripple suggests if the giveaway seems real, visit the company’s verified website and social channels to confirm if the ad is readily available.
Ripple’s actions against giveaway scams
In order to take strict action against this type of fraudulent scams, Ripple has hired external cybersecurity and digital threat intelligence vendor. It will help in reporting scams and take-down efforts.
Additionally, Ripple has created an in-built submission form for the users and community to report suspicious activity.