What is Internet fraud today and how has it changed throughout the past few years? That depends on your regular day to day activities on the Web, the online places where you hang out, and the things you do online with the highest risks. These are mostly the same things that criminal syndicates monitor closely. They want to victimize the largest number of users as fast as possible with the most minimal resource costs and the biggest gains for them. That’s why they’re now targeting bitcoin buyers, sellers, miners and exchange platforms online.

If you’re new to the world of bitcoins, then you must first understand what is Internet fraud for bitcoin buyers and sellers like you. This will allow you to spot bitcoin scams online and the other fraudulent schemes that are perpetrated by criminal syndicates that want to steal your bitcoins.

Remember, bitcoin transactions are irreversible. This means if these scammers manage to trick you into sending your bitcoins to them in one way or another, then you won’t be able to recover any of your bitcoins. That’s why many fraudsters try to steal bitcoins. Just like everybody else, these scammers also try to understand what is Internet fraud today to make sure that they’ll be able to get away from their Web crimes much easier than ever.

What is Internet Fraud Relating to Bitcoin Theft Today?

Bitcoin theft is conducted by criminal syndicates around the world through a wide variety of fraudulent schemes on the Web. Some of the most prevalent scams this year are the following:

  1. Just like what is Internet fraud in the past few years, phishing scams are still used by many scammers. They deploy these scams across popular bitcoin trade and exchange platforms. They target unsuspecting users who are new to these platforms and aren’t quite familiar with how the different sections of these websites work. These phishing scams make up a significant part of what is Internet fraud today for bitcoin buyers and sellers like you.

These fraudsters pose as legitimate buyers or sellers of your bitcoins. They open trade offers with users in the most widely used online bitcoin trade platforms. They then trick users into clicking links that lead to fake sites, which look exactly like these bitcoin trading sites. Many users have fallen for these scams and have entered their login credentials in these fake sites. These scammers then use these stolen details to log into the victim’s account. They then steal the victim’s bitcoins by sending it to their own bitcoin wallets. That’s what is Internet fraud today for bitcoin traders.

  1. Many scammers distribute malicious applications with spyware components. Simply put, these high risk programs can secretly log all of the unsuspecting user’s keyboard inputs, Web browsing habits, Internet-related activities, stored contacts and confidential data in the compromised device. Because many of these fraudsters target users of bitcoin buy and sell networks, their access credentials to these online platforms are stolen by these malicious programs. These stolen details are then sent to pre-designated Web servers operated by these scammers. That’s also what is Internet fraud this 2016 for bitcoin traders.
  1. Direct hacker attacks are performed by these criminal syndicates against the Web servers of smaller and lesser known bitcoin trade platforms. Their main objective is to steal the bitcoins that are stored in these Web servers, which mostly belong to the users of these sites. In any case, they’ll try to steal the credentials of the users in these platforms. They’ll then log into these sites and steal the user’s bitcoins. Just like several years ago, this is what Internet fraud is like for legitimate Web platform operators, especially those that run money trading sites.

These are the most widespread scams that are targeted this year against bitcoin traders. A significant part of the more than 800 monthly online scam incidents that were reported by American users during the first half of this year involved bitcoin-related fraud. Last year, there were less monthly online fraud reports in the USA, but a few of these monthly incidents still involved bitcoin-related scams.

After understanding what is Internet fraud this year for bitcoin traders, you will be able to quickly spot and safely avoid these fraudulent schemes during your bitcoin buying and selling activities on the Web. Inform your friends and co-traders about this to help them prevent falling victim to bitcoin theft.