Crypto Scam Detection

The art of pulling off a fraud depends on escaping detection. That is unfortunately one advantage crypto scams have over more traditional frauds. The blockchain involves codes instead of names and addresses. You can send money to anyone on the blockchain and it can be hard to know whether they are a crypto scam or a legitimate recipient. 

Since transactions on the blockchain are done without providing the same personal information used for bank transfers and credit card purchases, there can be very little transparency. This means it can be harder to trace transactions on the blockchain and unmask identities behind anonymous bitcoin wallets.

The Problem of Crypto Scams

Crypto scams are the fastest-growing type of fraud. The anonymity of the blockchain is something that sadly helps fraudsters get away with their schemes—and other people’s cash. 

Many scams operating today have a cryptocurrency element to them. They may seem like classic sweepstakes or benefits frauds but since they may involve bitcoin payments they are crypto scams by default. 

Since cryptocurrency transactions can’t be reversed, chargebacks, in the traditional sense, aren’t possible. When you see unauthorized charges on your Visa, for example, you can call up the credit card company or the issuing bank and report the problem. Usually, the chargeback will be granted. 

However, with crypto scams, we don’t know who received the money and where they are located. Crypto scam detection requires a full investigation launched by experts to get results.

How Does Crypto Scam Detection Work?

The Crypto scam detection process works as follows:

  • Client consults with Crypto Trace experts
  • Client provides documentation 
  • Crypto Trace launches full investigation using technology and bitcoin forensics techniques
  • Crypto Trace creates a detailed investigation report
  • Client takes the investigation report to the authorities
  • The authorities act on the information in the report, track down the fraudsters and enforce fund recovery.

How Can Scam Detection Services Help?

Since crypto is so complex, it’s a good idea to seek scam detection services. Avoid companies that give false guarantees. Our experts will give a full diagnostic assessment of the suspected crypto scam and will provide the authorities with leads. Mapping out a strategy and giving a detailed investigation report will bolster your claim and improve your chances of success

Do You Need Crypto Scam Detection? Talk to Crypto Trace Experts Today

Crypto Trace gives its clients the tools they need to support their claims. If you have lost money on the blockchain due to hacking or crypto fraud, our experts will consult with you and launch a thorough investigation. We will present you with an investigation report that can improve the chances of a successful result for your crypto claim.