3 Ways Entrepreneurs Can Identify & Avoid Red Flags

1. Ways to prevent entrepreneurs from falling victim to scammers over the emergence of digital assets More than 81 million investors created Bitcoin wallets this month. However, as digital assets skyrocket, so do scammers. Nowadays, many on-chain companies lose funds to “investors” offering company capital growth. https://www.rev3al.io https://www.rev3al.io https://www.rev3al.io Scammers also stay up to date with business trends to offer promising benefits in their schemes. For example, only two months ago, OpenSea, the world’s largest NFT marketplace, lost $1.7 million in an alleged phishing scam, causing trading volume to go down by 70% that month. As a recourse, President Biden signed an executive order for Congress to examine the risks and benefits of cryptocurrencies. Cryptocurrency platforms can also explore more proactive options. REV3AL offers multifaceted and multilayered authentication systems to ensure successful trades. The blockchain and non-blockchain patented technology verify the ownership of digital assets, NFTs, and digital documents. Enable two-factor authentication (2FA) Implementing 2FA adds unique personal protection measures such as a generated code, facial recognition, or fingerprint scanning. 2FA adds an almost impenetrable security layer to protected devices, crypto wallets, and accounts. Hide the seed phrase Marketplaces such as MetaMask provide customers with a ‘Secret Recovery Phrase.’ The phrase should be kept safely offline, out of the reach of scammers. Know current crypto scams Crypto scams are usually sneaky twists on existing cryptocurrencies. Scammers favor entrepreneurs using crypto to send funds. If something appears too good to be true, it most probably is. So instead of believing information at face value, investigate every crypto scheme on legitimate trading sites such as OpenSea and Marketplace before investing. Rug pull scams ◦ The “rug pull” persists when a startup or business owner spreads news of an NFT, DAO, or crypto-token and runs off with the cash before updating or handing over the project. ◦ In the Squid Game rug pull, scam developers carted $3.3 million after selling a fraudulent fan token to public investors. Phishing scams Scammers impersonate help desk representatives to access crypto wallets before draining the assets they hold. ◦ Double, triple, or even quadruple-checked website URLs – phishing scams tend to copy the URL of trustworthy sites, sneakily swapping letters and numbers for the hoax to appear ‘legit.’ ◦ Investment scams ◦ Beware of pyramid scams where fraudsters advertise recruiting people into a program as the BEST way to get paid in crypto. ◦ Another common scheme involves “investment managers” offering to grow company capital. Then, they ask owners to hand over the capital to set up an investment account out of the victim's control. Forward-looking enterprises can explore REV3AL technology's solution to handle the basic precautions and detect scams. If every company used REV3AL to check digital asset ownership, the blockchain space would be safer. However, it takes industry-wide responsibility to put scammers out of business. Protect, Authenticate and Verify on the Blockchain rev3al.io facebook.com/Rev3alTechnology twitter.com/rev3altech t.me/rev3altech