Over time, cryptocurrency scams have become very popular and also the frequency of them has increased. Cryptocurrency scams are mainly successful mainly because there is no mechanism to check for fraud detection, and once the fraud has occurred, there is little recourse that can be made to recover the funds stolen.
The only way forward to avoid them would be to enforce strong regulation and have offchain identity system like Concordium enforces. This would discourage the malicious actor to be easily identified, since every wallet will be linked to a real world Identity without publicly revealing them.
Making sure to enable 2 factor Authentication and having strong passwords are also some of the common security practices to follow. But making sure we have inbuilt secuirty featyres like I mentione earlier would make crypto safe and secure for even the not so technical crowd.
The only way forward to avoid them would be to enforce strong regulation and have offchain identity system like Concordium enforces. This would discourage the malicious actor to be easily identified, since every wallet will be linked to a real world Identity without publicly revealing them.
Making sure to enable 2 factor Authentication and having strong passwords are also some of the common security practices to follow. But making sure we have inbuilt secuirty featyres like I mentione earlier would make crypto safe and secure for even the not so technical crowd.
