Trust Wallet Scams To Watch Out For In 2024 And How To Avoid Them (2024)

• 1There has been an alarming increase in scams on Trust Wallet.
• 2It is important to be aware about scams and other criminal activities to have a safe and secure investing experience in crypto.
• 3Here, we explain some of the most common scams affecting a popular crypto wallet service and more importantly, how to avoid falling prey to these scams.

So far, 2024 has been quite an eventful year, marked with its fair share of volatility. Presently, the crypto market capitalization is around $2.5 Trillion. Crypto adoption is on the rise, which is a great thing.

However, the rise in crypto adoption is also an opportunity for bad actors to exploit the innocent. Scammers are targeting trusted services and popular firms to attack investors and steal their money. Trust Wallet, a crypto wallet service with a significant global reach is a target for scammers due to its popularity.

Scams on this wallet service have become such a menace and due to its massive user base, Trust Wallet scams have become a reference in itself, highlighting both, the popularity of the wallet and the frequency of the menace. Note that Trust Wallet is not unsafe, it’s that its popularity attracts the wrong guys.

Trust Wallet is popular among users for a variety of reasons, an exceptional and robust security setup, an easy-to-use interface are some of the reasons. Users are now raising complaints about different scams through the Trust Wallet app. In this blog, we will talk about the scams that exploit Trust Wallet customers:

What is Trust Wallet?

Trust Wallet is Binance’s official hot wallet. It helps investors trade, store, stake and transfer crypto online, among other features. This crypto wallet supports different cryptocurrencies, and over 100 blockchains.

It is suitable for new crypto investors due to its simple user interface. It helps users interact with decentralized finance (DeFi) platforms. Here, you can invest in different NFT projects.

Common Scams in 2024

Many scammers target Trust Wallet users in diverse ways. A scam successfully stole over $4 Million from users back in 2022. The hackers targeted Web3 investors. This is possible because of specific vulnerabilities of this crypto wallet.

Remember that users cannot reverse transactions once funds are lost. It is the reason users need to remain vigilant. Below, you can find more details on the scams happening with Trust Wallet users:

Ice Phishing

Ice phishing targets the blockchain ecosystem in advanced ways than traditional phishing. Scammers trick Trust Wallet users into signing transactions that grant them access to the users’ assets.

They may present a fake DeFi investment opportunity or a new token offering that requires a transaction signature. Once signed, the scammer can redirect funds from the user’s wallet to their own.

Prevention Tips

– A user can avoid ice phishing by verifying the authenticity of the dApps they interact with. Also, make sure to check a smart contract before signing it.
– Every user should stay informed about the latest phishing tactics. Visit the official Trust Wallet blog for regular security tips. Also, you can join crypto community forums on different social media platforms.

Fake Giveaways

This scam involves a scammer luring users with free cryptocurrencies or tempting giveaways. Of course, the giveaways are bogus and are meant to trick customers into giving their private keys.

Scammers fool customers into sending them a small quantity of cryptocurrency with the promise of sending them a bigger sum in return. Please note that legitimate airdrops do not require such actions or ‘deposits’.

Prevention Tips

– Never share your private keys.
– Verify the legitimacy of any giveaway through official channels.

The Classic Pump-and-Dump

Many scammers inflate the rate of a token via incorrect information. Then, they sell their holdings at the inflated rate. The final outcome is a crash in price, and investors lose money.

Prevention Tips

– Be cautious of tokens with unexplained spikes in price.
– Research thoroughly before investing in any cryptocurrency.

Malicious Apps and Websites

Scammers create fake Trust Wallet apps and websites to steal users’ information. These malicious platforms look similar to the official ones. Scammers trick users into entering their recovery phrases or private keys.

Prevention Tips

– Always download apps from official app stores or the Trust Wallet website.
– Check the website URL carefully to ensure it’s the official site.

Social Engineering and Impersonation

Scammers impersonate Trust Wallet support staff or other trusted figures in the crypto community. They use social engineering tactics to gain users’ trust. Then, they extract sensitive information like private keys.

Prevention Tips

– Trust Wallet never asks for your private keys.
– Always verify the identity of individuals who claim to represent Trust Wallet.

What to do if You are Scammed

Recovering crypto funds is not easy after a scam. A victim should act quickly after getting scammed. Users can change their wallet’s security settings. They can move their remaining funds to a new wallet.

Also, users should compile all relevant information about the scam, including communication with the scammer. A user can report the scammer’s wallet address to cryptocurrency exchanges.

The exchange can freeze the scammer’s assets to trade the stolen funds. Also, a victim should report the incident to their local law enforcement and provide them with all the necessary evidence.

Tips for Avoiding Scams on Trust Wallet

Users can follow some tips to protect themselves from scams within the Trust Wallet ecosystem. Every user should follow vigilance and best practices. Here are some general tips to help you stay safe against scams:

1. Users have to download the Trust Wallet app from the official App Store. Also, it is available on the Google Play Store for Android users. Avoid downloading the crypto wallet app from third-party websites.
2. It is very crucial to keep recovery phrases secure from scammers. Your recovery phrase is the key to your wallet. A user can write it down somewhere. Then, always store it in a secure location. Trust Wallet support will never ask for your recovery phrase.
3. There are some security features to keep users secure. Make sure to use two-factor authentication (2FA) to secure your funds. Biometric scanning also helps users in avoiding hacking attempts.
4. A user should double-check URLs when visiting the official Trust Wallet website. Avoid unsolicited crypto offers that seem too good to be true.
5. It is essential to be aware of the permissions we give while interacting with smart contracts. A user should sign transactions after fully understanding them.
6. A user should check their wallet’s transaction history regularly. It helps in detecting any unauthorized transactions. Use blockchain explorers to monitor the activity of your public wallet address.
7. Avoid using public Wi-Fi when accessing your wallet. Consider using a VPN for an additional layer of security.
8. You should educate yourself about the latest scams. Follow Trust Wallet’s official blog and community forums for updates.

Conclusion

Awareness is essential to avoid scammers on Trust Wallet. Always take proactive steps to secure your digital assets. Also, remember that vigilance is key. You can learn from the experiences of the victims scammed by hackers. This crypto wallet is only safe till you follow all the precautions. Trust Wallet can be a powerful ally if we remain informed and cautious.