Scam Prevention and Web3 User Safety Guide

web3 scam prevention guide staying safe social media

Tips, tools and best practices to keep the DappRadar community safe

Web3 is a wonderful industry with a wealth of opportunities, but – as with any financial services – there are people trying to scam you and steal your crypto and NFTs. DappRadar presents a comprehensive guide to stay safe and protect yourself against hackers and scammers.

Being active in Web3, requires constant reminder to stay vigilant. Scammers don’t stop, and try to trick you at the moments you are the weakest, for example when you’re experiencing FOMO.

Before we dive into the different methods scammers use, some statements about our team: 

  • Nobody from DappRadar will ask you for money / crypto
  • None of our team members will ask for your personal information, including seed phrases, phone numbers or home addresses. 
  • We do also not initiate DMs out of the blue

If you encounter such a scam, please reach out to us to keep our community and Web3 safe. 

Scammers are everywhere

Never think that you’re safe from scams. Scammers are active on a wide variety of social media platforms, including and not limited to:

  • Twitter / X
  • Facebook
  • Instagram
  • Medium, and other blog websites 
  • YouTube 

With the help of AI tools, they can also recreate social media messages from existing brands. In addition, they can replicate entire websites filled with malicious links. 

The more sophisticated scammers utilize social engineering techniques to overtake someone’s phone number. If that person’s security isn’t topnotch, they can get access to their social media accounts. This adds another layer of complexity to the ability to identify online scams. 

How do scammers operate?

Scammers have all kinds of ways to trick you. They want to make you hungry for more, or afraid to be missing out. In Web3, a scam can have big consequences.

Protect yourself. Remember, if you fall victim, it’s tough to reverse and undo your mistakes. We want to assist you and the community to stay safe, and be cautious!

Scammers create FOMO on social media

Scammers who take over an existing account from a key opinion leader, tend to create FOMO by spreading news about a limited edition NFT mint, or an airdrop. These scammers utilize the existing social media following of influencers to create FOMO. People who click these links run the risk of having their crypto wallet drained. 

Sim-swapping can give scammers access to your social media accounts, which they then use to scam your audience / followers.

A far more common method is that scammers create FOMO out of thin air. They make up a fake NFT collection, create a scam website, and then use Google Ads and Twitter Ads to market their scam. You only need to go on X right now, scroll for 10 seconds, and you will find one of these:

Scammers use FOMO to trick you in clicking

Please note that both scams use FOMO to make you click. You need to hurry. The first ones are free. Do it now. They are almost gone, etc. 

Scammers act like they really want to help you

Scammers use social media, and Telegram and Discord in particular, to act like a moderator or service desk. Always make sure you’re dealing with a community representative, and even then triple check things. Never act rushed. 

These helpdesk scammers will try to make you click links, share your private details and so on. 

  • Connect your wallet to claim your reward
  • Share your passphrase so I can help you get your crypto back
  • Send me 0.1 ETH to claim my airdrop, and I will send you 0.2 ETH back
  • They act like they thank you, but direct you to a fake website (see below)
Note: the URL for the airdrop claim is a scam website.

Scammers want to buy your NFTs

Anybody who holds a few valuable NFTs, will have experienced people reaching out to them through Discord, Twitter / X or Telegram DMs. They will say something about liking your work, or admiring a certain NFT. They will then ask if you want to sell it, and of course they will push you. After that they will make you an offer, and then they will provide a link to finalize the transaction. Clicking that link and signing the transaction will automatically drain your entire wallet. 

5 Rules to live by

  1. Never click a link sent to you through email or social media
  2. Do not trust DMs on Telegram, Discord or X 
  3. People who feed on your FOMO don’t have your interest at heart
  4. Always verify the official website URL, and even then – remain vigilant 
  5. If something seems too good to be true, it probably is.

More to read about staying safe in Web3

Official DappRadar links

When DappRadar communicates with you, we do that through our official channels. 

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