Mahabubnagar: Public Alert on Cryptocurrency Scams
District Superintendent of Police (SP) Janaki has issued a warning to the people of Mahabubnagar about the rising number of scams related to cryptocurrency investments. She explained that scammers are using various tricks like pyramid schemes, fake exchanges, phishing frauds, and misleading Initial Coin Offerings (ICOs) to deceive individuals.
To keep the public safe, SP Janaki urged citizens to trade only on well-known and verified cryptocurrency exchanges. She advised following the recommendations of the Telangana Cyber Security Bureau and warned against using unregistered or unknown platforms, as they could lead to financial fraud.
As part of her advisory, SP Janaki shared tips to help people avoid falling victim to crypto scams. She highlighted that legitimate investments never promise guaranteed high returns. People should be cautious of unsolicited investment offers from strangers and avoid platforms that offer commissions for recruiting new members. These are often signs of fraudulent schemes.
Additionally, she stressed that any organization asking for private keys or wallet details should be considered a scam. To prevent financial losses, she encouraged investors to verify the authenticity of trading platforms before making any transactions.
SP Janaki also suggested several safety measures for secure cryptocurrency use. These include enabling Two-Factor Authentication (2FA) and using hardware wallets to safeguard assets. She advised investors to thoroughly review project details, whitepapers, and the credentials of the project team before committing to any investment.
If anyone suspects fraud or becomes a victim, SP Janaki urged them to report the issue immediately. People can reach out for help by calling the 1930 helpline or visiting the cybercrime portal at cybercrime.gov.in.
