Scam Methods Utilized on Web3
The Web3 industry has experienced significant growth in recent years, offering numerous benefits and opportunities in various aspects of life and society. However, it's essential to acknowledge that scams and frauds are also prevalent in this industry. Scammers and malicious individuals often employ deceitful and impersonating methods to deceive innocent people and steal their funds.
EOS Support has been actively advocating for scam awareness and educating the Web3 community on the various tactics scammers use. It's crucial to note that these scams are not limited to any particular platform, and there are several ways that scammers can trap victims and take their money. Two of the common scamming tactics used by fraudulent individuals are described below.
Phishing Link Method
The most frequently used tactic by scammers involves sending a link to unsuspecting individuals and requesting them to click on it. Upon clicking the link, victims are directed to a fake website that prompts them to enter their owner key or 12-phrase keywords. Recently, scammers have started using bots to send links and scam people more automated. One prevalent example of this was the EOS Authority bot scam (see screenshot below) that gained notoriety a year or two ago.
Solution: It is repeatedly advised to keep your Owner Key (EOS Owner Key starts with 5 and consists of 51 letters) or 12 phrase keyword with anyone, no matter who or what the circumstances are. Those keywords are your access to your assets; by leaking them, you give that access to others.
Impersonating Scam Method
Another common scamming tactic involves scammers creating fake accounts that closely resemble those of official representatives from a Web3 project. They use these impersonated accounts to request sensitive information or private keys from unsuspecting individuals. It's essential to remain vigilant and double-check the authenticity of any communication from individuals who claim to be representatives of a Web3 project, especially when it comes to providing sensitive information.
Solution: To avoid falling victim to scams, individuals should verify the legitimacy of anyone requesting sensitive information. One way to do this is to confirm that the individual is an official representative and not a scammer in disguise. For instance, on platforms like Telegram or Twitter, usernames cannot be duplicated, so it's crucial to cross-check the username of someone claiming to be an official.
It's important to note that EOS support officials or agents will never initiate contact with users directly. Instead, they offer support services solely through their official support website.
If you encounter a suspicious website or receive contact from a potential scammer, you should report it immediately to EOS Support via the secure chat on eossupport.io. This will enable the EOS Support agents to verify the authenticity of the individuals and take necessary action to prevent any potential harm.
When in doubt, it's always best to avoid providing private details, especially financial information, including your account keys. Please also look at the 5 Golden Rules article to avoid being scammed.
Author: Mudassar Ejaz
Editor: Markus Hinrichs, Randall Roland
Sources & References
Medium.com article on EOS authority scam bot
Further reading
Image Credits:
eosgo.io article on EOS scams
Last updated:
Was this article helpful?
Have a specific question about this article?