Vigilante groups like the XRP army that are tech-savvy in the crypto space have identified ways of identifying crypto scams that show up in the form of an investment opportunity or take other forms.
Ripple explains identification method
Reportedly, XRP investors in the crypto space are at the forefront of the battle against these crypto scams as scammers targeting the XRP community are said to have become more tricky. The scammers also are said to have continued to change their strategy over time to operate.
PandaRippleXRP via Twitter revealed the latest scam pattern these crypto thieves use to rob digital asset holders of their coins. The community also revealed that these scammers are getting more sophisticated at what they do.
MUST retweet & share!!!
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) May 28, 2020
Following close observation by the Ripple team, they have concluded that scammers continue to target the XRP community more, prompting them to explain how XRP coin holders can identify these tricksters.
Ripple’s response to crypto scams
The easiest way to identify these scammers according to Ripple in a blogpost is when XRP holders are asked first to send a certain sum of crypto before they get their reward. This is because whenever crypto holders win any real offer, redeeming the proceeds is usually free.
Another way to identify these crypto scams according to Ripple is due diligence on the part of the crypto holder or investor. Scams these days come in the form of crypto giveaways. Crypto holders are to fact check these offers and confirm if they are real by visiting the firm’s main website or verified social media handles to confirm such offers. In other cases, crypto holders are to get in touch directly with the company to ask if such giveaways are real if the situation warrants.
Ripple, as a way of responding to the rise in XRP crypto scams has contracted a cybersecurity firm to aid attempts to identify and burst fake give away scammers. Members of the XRP community also are asked to report suspected cases or unusual activity with this form.