The popularity of cryptocurrency has also drawn the attention of cyber criminals.
As a result of that effect, crypto scams that involve Trust Wallet mobile app is increasing day-by-day.
Since Trust Wallet is a widely recognized blockchain wallets, fraudsters have appeared on the horizon to gain access to many innocent crypto accounts.
In that regards, it’s now a wake-up call for you to start being vigilant and well-informed in all your crypto dealings to avoid these Trust Wallet scams.
In this article, we will reveal most of the Trust Wallet scams that exists, while also showing you how to avoid most of them completely.
Top Trust Wallet scams
Fraudsters are tirelessly devising means of stealing digital assets through different tactics, so keep your eyes open to these Trust Wallet app scams.
1. Trust Wallet email scam
Email phishing scam is a technique tricksters use, while pretending to be credible organizations to get your confidential data.
These trust Wallet KYC verification scams may request your recovery seed-phrase, private keys or passwords.
Once you share the private keys or recovery phrases with them, they will have the full access to transfer your crypto funds.
Remember that legitimate platforms won’t ask you for your sensitive information.
In other words, always make sure to check the authenticity of any communication before taking any action towards an instruction.
2. Fake Trust Wallet app scams
In this type of scam, fraudsters can design a website or app that mimic the authentic services of Trust Wallet app.
If an unsuspecting user enters login detail into the fake platform, the cryber-criminals can then use the data to steal crypto investments.
Consider a scenario where you download a fake Trust Wallet app from an unofficial source and input your private keys.
This action gives the scammers unauthorized access to the your actual wallet.
You can avoid this by always verifying URLs and downloading apps only from the official Trust Wallet app stores.
3. Trust Wallet airdrop scam
These are honeypot scams where tricksters release new cryptocurrency tokens for investors to buy, which in afterwards cannot be sold.
If you investor in such tokens through an initial coin offering, it it’ll not take long till you realize that you’re stuck with a worthless crypto.
To avoid these type of scams, always conduct thorough research any crypto project you intend to invest in, buying into the airdrops.
4. Giveaway scam
Trust Wallet giveaway scam is when a victim is lured with the promise of substantial returns for minor crypto investments.
These enticing ‘giveaways’ are usually promoted on social media or other online platforms.
Maintaining a healthy level of uncertainty toward any offer that appears is very important to help stay away from such giveaway scams.
Never send money or your cryptocurrency expecting to receive more back.
5. Trust Wallet mining pool scam
Trust Wallet mining pool scam (also known as wallet dusting) works by sending small amounts of crypto (i.e. the dust) to cryptocurrency wallets.
Scammers can then exploit the transaction history on the blockchain to pinpoint individuals for specific phishing attacks.
For instance, you might notice a small, unexpected amount of crypto sent to your wallet, which could be a part of a dusting attempt.
They may claim that the small amount you received is part of the profit your wallet made from their mining pool.
Once you believe them and follow their instructions to get the remaining profit, you may find out that all your crypto asset has been withdrawn.
If you spot such a transaction, it’s advisable not to move the cryptocurrency, as it may lead to disclosure of your wallet address.
6. Trust Wallet romance scam
Romance scams have also made their way into the cryptocurrency world, where scammers can create fake profiles on dating sites or social media.
Once they’ve found and won their victim’s trust, they can send them a keylogger malware, and once the link is clicked, all their activities will be monitored.
In the process, your recovery phrase, private keys or your Trust Wallet may be revealed to them and they will use it to transfer your digital funds away.
Avoid trusting people anyhow on dating website, or even click just every link you get from such friends.
7. Trust Wallet NFT scams
I have personally experienced this type of scam, where you will receive NFTs unexpectedly in your Trust Wallet account.
If you ever open any of these fake non-fungible tokens, the tricksters behind these projects is going to have access to your wallet details.
In addition, you may also reveal your recovery seed-phrase which will help them gain access to transfer your digital currency and assets away.
Avoid being enticed when you see an NFT collection which you don’t know how you got in your Trust Wallet, and don’t try opening any of them.
8. Trust Wallet text scam
If you’ve ever gotten a text message with link to download an app that will increase the security of your Trust Wallet, then you will know it.
It’s a local scam where scammers do buy buy phone numbers for bulk messaging people to use a malicous that may expose then to malwares.
To avoid this scam, be wary of opening any link in a text message that has anything to do with your crypto wallet security.
How to avoid Trust Wallet scams
To avoid these scams, be cautious of clicking links, calling phone numbers, contacting them, or sending money.
Here are the simple tips you should adhere to:
- Keep your Trust Wallet data secured, and never share it with anybody, no matter who they might be or the circumstance.
- Be wary of suspicious emails and messages, as scammers often use phishing emails or text messages to trick users into revealing their private information.
- Verify website authenticity before exposing your Trust Wallet credentials, or making any transactions.
- Avoid downloading apps from suspicious sources or third-party websites, as they may be malicious and harmful.
- Stay informed about the evolved scams by staying updated on the latest scams and fraud techniques.
Following these crypto investment strategies can significantly reduce the risk of being a victim of Trust Wallet scams.
Furthermore, this way, you will also efficiently protect your valuable crypto assets.
Is Trust Wallet legit or scam?
Trust Wallet itself is a legitimate cryptocurrency storage app, but many scammers do use different means to steal from investors with it.
Is Trust Wallet a safe crypto wallet?
Yes, Trust Wallet is a safe and easy-to-use mobile crypto wallet that lets you have complete control over your private keys.
Millions of users trust it, and it has extra security features like; PIN and seed-backup-phrase.
Is Trust Wallet ever hacked?
Yes, Trust Wallet has dealt with some serious situations and accusations where people lost money due to hack incidents.
However, not all of these incidents were the wallet’s fault, and generally, the primary responsibility is of users who don’t take security serious.
Why is Trust Wallet being used by scammers?
Trust Wallet is a non-custodial mobile cryptocurrency wallet that allows users to securely store, manage and exchange cryptocurrencies.
Unfortunately, scammers have been using Trust Wallet to carry out their fraudulent activities using its decetralized feature.
As popularity of digital wallet grows, so does the tactics of fraudsters seeking to exploit Trust Wallet account of unsuspecting users.
These tricksters employ many tactics, from phishing scams and fake apps to pump-and-dump schemes.
Keep in mind, staying educated and alert is our best defense in the dynamic landscape of crypto space.
Remember to keep your recovery phrases and private keys secure.
Be cautious of suspicious emails and messages, verify website authenticity, exercise avoid unofficial apps and stay informed about these scams.
By following these guidelines and remaining vigilant, you can protect your Trust Wallet account from potential threats.