With over 10,000 different types of digital currency available globally, and more being created every day, the way we conduct business and transactions online continues to evolve.
Crypto was first launched in 2009 with the release of the very first decentralized digital currency, Bitcoin. In that time, crypto and the use of digital currency in all its different variations, has grown and is now an over $2 trillion trading market, with much of that being driven by younger consumers. In fact, over half the current millennial millionaires have at least 25% of their wealth in crypto.
Brands looking to tap into the crypto market and the future of this new way to conduct business need to begin preparing now to ensure that their consumer's experiences are safe and authentic and that their brands are protected.
Bad actors have been quick to adapt their schemes to include crypto, and brands need to be aware of these common scams, and how their brand may be at risk. Bad actors are targeting their victims through tech support scams, NFT scams, and crowdsourcing scams. Other areas brands need to monitor for abuse include referral program scams, domain scams, and employment scams.
With crypto scams, everything old is new again, with fake websites, rogue mobile apps, fake social media accounts, and illicit online marketplace listings being updated to lure in victims. Bad actors are hiding their nefarious activities behind trusted logos and brands, dressing up these older tricks with the new lure of crypto.
Appdetex is the market leader in brand protection for the crypto industry. To learn more about how Appdetex can keep your brand resilient, click here.
