How to Avoid Bitcoin (BTC) Scams – 10 Signs from Financial Expert Martin Lewis

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Tue, 02/25/2020 - 11:25
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Yuri Molchan
As the amount of scams in the UK grows exponentially, including BTC frauds, financial expert Martin Lewis shares key ways to avoid them
How to Avoid Bitcoin (BTC) Scams – 10 Signs from Financial Expert Martin Lewis
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The British guru of the financial sphere says the UK is flooded with scams at the moment, including those where con artists are trying to make you part with your Bitcoin. As reported by WalesOnline, Martin Lewis is aware of ten signs that can reveal scams and also advises on how to avoid getting scammed and keep your money/crypto.

"An epidemic of scams"

In his popular ITV Money Show, the founder of Money Saving Expert, Martin Lewis, gave the audience some recommendations on how to avoid falling for bait scammers use to empty people’s pockets.

"UK is facing an epidemic of scams", he stated. He then explained his thought, saying that the current generation lives in the epoch of the ‘wild west’ for scammers – a great deal of them are working in the sphere of investments, and now in the cryptocurrency industry too.

Martin Lewis paid special attention to cons that impersonate celebrities to advertise Bitcoin investments with quick and large returns.

He said:

"How many of you have seen adverts with me in advertising Bitcoin Traders? There's no such thing as a Bitcoin Trader and you can't 'get rich quick' through it."

Then the expert added:

"If you see an advert online with a famous face in it, you need to question its legitimacy."

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10 scam signs Lewis has shared

Scammers can try and reach you through your gadgets, e-mail, SMS or even a regular letter, says Lewis.

He offers ten signs that can help you identify a scam and avoid it.

  1. Avoid adverts of schemes that offer high returns on investments.
  2. Taxation authorities will never call/text/e-mail people for a tax rebate.
  3. Con artists always say that their offer is urgent, short-term and will insist you not share it with anyone else.
  4. Never trust anyone calling from a bank and asking to move your money to a different account to keep your funds safe, Lewis says.
  5. Never give your bank card to a ‘courier from a bank’ who says that the card is fraudulent.
  6. Be alert if your passwords have changed all of a sudden and you have not been warned.

The rest of the signs, as per WhalesOnline, are:

“7. If your post has disappeared, contact the person/company in question.

8.   If your wheelie bin has gone missing, question it.

9.   If you receive an out-of-the blue message that's full of grammatical errors, be suspicious.

10. If you notice an unknown product on your credit file, question it.”

In case you fall victim to fraud, Lewis recommends contacting the bank that was mentioned by the scammers as part of their scheme. Otherwise, Lewis advises contacting the Financial Ombudsman, if the victim is a UK citizen.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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