I benefited a lot from an audio meeting organized by in which the team talked with content creators about fraud methods while providing very useful tips on how a user can protect themselves by increasing knowledge and awareness.
The Arab community manager talked about many practical steps to avoid falling into common fraud and how to recognize them and how to protect yourself - as a user - from becoming a victim of fraud and scams.
In addition to many speakers who stood out in the session from influencers in the field of digital currencies, especially in Syria, and also some members of the Binance Angels team.
Starting with reviewing the most common fraud methods in the field of digital currencies that are often used to lure people in order to steal their money, which briefly include the following:
Fake investments;
Job offer scams;
Fraud in the field of services or goods/buying and selling;
Impersonation of individuals and official entities;
Extortion and theft of personal data for the purpose of stealing money.
Many influencers in the field of digital currencies have talked about the most common types of fraud involving fake investments, such as Ponzi schemes or pyramid schemes.
Ponzi scheme: a common scam that pays "early investors" with money taken from "later investors."
Learn more information about Ponzi schemes.
They pointed out many points related to this type of fraud, where it is considered an investment not based on a real project and promises large profits only by relying on the funds of the investors, and this is considered a direct fraudulent pattern.
Since this project could end and be closed and no one would be able to sell it because, as its name suggests, it does not exist and is not real, in other words, the governmental or legal institutions do not have data about it.
Trustworthiness in any investments starts with verifying the existence of the project in reality, and if it is a digital currency project, fundamental analysis of the project should be done and looking at the key points in terms of transparency and so on. More information about how to read cryptocurrency projects before investing in them.
Some content creators in Syria (like Dr Crypto and Walid Cryptopedia) addressed the spread of fraud and pointed to some of the reasons that lead to it, including the rapid openness to crypto after many years of prohibition, and due to the difficult economic situation that Syria is currently facing and the weak security awareness.
And also cases of identity theft in a non-supportive community that lacks awareness in this field, after direct openness.
A member of the Binance Angels team mentioned that the most common types of fraud currently occur through the Binance P2P platform, and that for now, the payment methods and dealings through it are still in their early stages, and some use it as a trick to scam people by luring them outside the platform for buying and selling, which usually ends with them losing their money and investments. More information about the Binance P2P platform.
From the amusing moments in the meeting, and in the last word about the topic of fraud after she shared her answer, she said: Noor's answer was more organized than my whole life, we all laughed then.
This meeting is not the first in the awareness field that the Binance platform takes seriously, especially the Arab team, as it has held several meetings in this field where it detailed topics related to fraud and continues to repeat topics significantly, coinciding with the increase in the number of users in the Arab community on the global Binance platform, and their strong belief that user protection is the supreme and fundamental goal of the platform.
You can find the meeting on platform X on the Arabic Binance page.
