BitBay Warns Customers Against Rising Fraud Phone Calls

Polish crypto exchange BitBay has warned its customers about the recently growing telecaller scam as fraudsters are impersonating as the exchange representatives to steal funds.

In a Facebook post on Wednesday, the exchange detailed that scammers are offering Bitbay customers additional Bitcoins and asking for their account details for completing the transactions.

“We received a report today about phone cases where the caller impersonates BitBay representative and informs that additional Bitcoins have been added to the stock exchange account,” BitBay warned (translated from Polish).

“Sounds cool, but watch out for such phones! Absolutely don't provide any data, passwords, account information during this conversation, nor share the computer screen.”

BitBay also asked its customers to check the numbers carefully when they receive any phone calls from the exchange. The Polish exchange has six official numbers from which they contact their clients.

Crypto scams are rampant in 2020

Given the anonymous nature of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, they have always been the favorite of scammers. Fraudsters try many different techniques to lure potential victims into their trap - from phishing to fake giveaways.

These fraudsters are even manipulating the fear of the people for Coronavirus outbreak and asking for extortions. The authorities of multiple jurisdictions have warned citizens about such tactics of scammers.

According to a recent Cipher Trace report, nearly $1.4 billion in cryptocurrencies have been stolen by malicious actors so far this year.

As a new tactic, the scammers are also impersonating tech celebrities like Elon Musk and Bill Gates and orchestrating fake giveaway, asking for a small token for validation of addresses. They are also using vanity Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term addresses to built trust around these scams. Elon Musk-impersonates addresses alone raked over $2 million, a Finance Magnates report earlier revealed.