Why do people fall for blatant cryptocurrency scams?

We’ve seen cryptocurrency scams of all types be promoted on nearly every platform we visit as crypto investors. However, in most cases, we immediately understand whether or not something is a scam by simply looking at the way it’s being promoted.


99/100 cases which use a celebrity’s name in order to add some trustworthiness to themselves are scams. But that seems like something you’d immediately understand right? Something that should be obvious. But for some reason, people still fall for it and invest. And not only beginners either, but people who had been wronged in the past are also the ones who usually sign up for these types of companies.


The only logical question we need to as is “Why”? Well, there are several reasons.


A lack of knowledge


The number one reason is a lack of knowledge. People simply do not know what cryptocurrency is. All they know is that there are some people out there that managed to make millions because they invested at the right time. In these cases, the victims are forced to make a deposit right on the spot, so that they don’t have any time to do additional research.

The most common way to get people to invest in these types of operations is to call them directly. There are thousands of call centers all over the world that specialize in cold calling people and trying to force them to deposit.

It mostly doesn’t work with experienced traders, but almost everybody above let’s say 50 years old tends to make that crucial step of depositing.

The moment the funds are transferred, the scammers are never heard of again.

That is actually a researched case. The difference between the poor and the rich usually comes down to the ability to maintain wealth. And in most cases, the biggest investors with these scammers are the ones that usually have a poor man’s mentality.

But that may sound too harsh, as in most cases, as already mentioned, it’s the lack of knowledge that is at fault.



Targeting specific cultures


Another method that scammers use targets specific cultures that would never even fathom being scammed, or would not be too impacted by the event.

For example, investors from the United States, Canada, Germany, and the United Kingdom are usually the people that get these calls where a person with a definite foreign accent tries to convince them in the profitability of cryptocurrencies.

In most cases, the victims are yet again above 50 years of age or so, therefore they’ve already come through the prosperity times in the past and have a decent amount saved up. Because of their experience with a wealthy nation, they simply cannot imagine somebody trying to be profitable through cheating and lying, which is why they tend to believe them straight away.

But if they do need more convincing, they usually justify the investment of it being quite small and not too damaging for their wallet.

But when $500 is not a big deal for these people, it’s sometimes the average salary in various countries worldwide.


What if it’s real?


There’s always this thought at the back of the head of a scam victim. What if it’s real? What if this guy who has a very thick foreign accent is really calling me from a New York office and promising me 1000% returns on my investment?

Naturally, there’s only a 0,00000001% chance that call is genuine, but there’s still a chance and that’s what victims usually focus on rather than the other 99,999999% probability that it’s a scam.

The scammers know this very well and try to emphasize it as well. They try to sound “understanding” and “reasonable” which is why they tend to give “special offers just for them” and lure in the victim as much as possible.

Before the victim can even realize, they’ve already decided to invest.

It’s all about psychology and the way people view cryptocurrencies as a “get rich quick” opportunity for themselves.



This is just the psychological part


We dedicate this article just to the psychological part of being called by a scammer. In other cases, the victims themselves approach the fraudsters and deposit voluntarily, without requiring too much of a nudge.

In other cases, it’s the prospects of a useful technology that a scammer may offer like a Bitcoin Trading robot or something.

There are so many ways scammers defraud their victims it’s just very hard to list right here.

But still, at least now you know that the man calling you from London or New York is not focused on your well being.






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