“Many of these scams. Customers should trust that the exchange they are using has verified the background of the cryptocurrencies available on their platforms.
“The same intuitive rules that apply to traditional money also apply to bitcoin. For example, don’t invest more than you can afford to lose and don’t put all your eggs in one basket, “said Reitz.
“To be clear, bitcoin itself is not a scam. Criminals tend to swindle people out of their hard-earned money using a combination of techniques, which can include scams via SMS asking customers to verify their credentials within a certain period of time, or via phishing emails. in which they claim to work for a cryptography company. ask a customer to click on a link to complete a transaction or verify information.
“We believe that regulation will provide consumers with the comfort that the service they are dealing with is subject to defined regulatory standards.
“SA Reserve Bank has adopted a progressive approach to the regulation of cryptocurrencies, in particular by suppressing unscrupulous use. It is expected to announce new cryptography policy proposals in 2020, “added Reitz.
“For example, criminals sometimes call customers claiming to work for a crypto company and follow the same routine when trying to extract sensitive customer information.
“There are also cases where people offer to trade crypto on your behalf while promising inflated returns on your investment.”