Cryptocurrencies are building in popularity and even celebrities’ are hired to advertise investment opportunities, however this does not mean you will get a good deal. The new cryptocurrency scam sees criminals impersonating a public figure, to make the endorsement seem legitimate. Cybercriminals use several tactics to get you to invest, but should you fall for this scam, you will not see any return on the investment and your money will be in the hands of the cybercriminal.

To protect yourself against cryptocurrency scams, use the following tips:

· Never trust a get-rich-quick scheme. If something seems too good to be true, it probably is.

· Cryptocurrency scams are usually recognized and shut down quickly. If you see a new cryptocurrency opportunity, wait before investing. If the cryptocurrency project is still active after several days, it is less likely to be a scam.

· Remember that celebrities get paid to endorse cryptocurrency. If you want to invest in cryptocurrency, do your own research instead of trusting a celebrity endorsement. Look for long-standing cryptocurrency projects that follow Canada’s financial regulations.

Stop, look, and think. Don’t be fooled by the scammers.

Written by Tim Baltz