CoinDCX, one of India's largest and safest exchanges, has launched a month-long campaign to shed light on safe internet practices, and create awareness on potential online scams in commemoration of 'Safer Internet Day.' Emphasizing the paramount importance of vigilance, the campaign utilizes various channels and formats, engaging with the community and using social media to educate users and new investors, empowering them with knowledge and practices to fortify their cybersecurity.
Like any fintech platform, crypto trading platforms are susceptible to exploitation by scammers. Recognizing the need for a secure investment environment, CoinDCX advises its users to be aware of the following and adopt proactive measures, enhancing their protection against potential scams, and ensuring a more secure and confident experience in navigating the platforms.
Key Points for Users to Stay Vigilant:
● It's important to note that several fake websites/URLs are in operation, mimicking popular exchanges to deceive users.
○ For every popular exchange, there are hundreds of fake exchanges often trying to exploit new users.
○ CoinDCX's top-notch security team regularly conducts rigorous checks, uncovering websites/URLs masquerading as CoinDCX exchanges, and reports these threats to CERT (Computer Emergency Response Team). However, it's crucial for new investors to exercise caution and ensure they are not falling for fake domains when venturing into investments.
● Invest in platforms that are compliant and registered with FIU-IND.
○ Prioritize investments in platforms that are compliant and registered with FIU-IND. Ensure that the chosen exchange adheres to India's regulations, including being FIU-IND registered and implementing robust KYC procedures. Such exchanges are often considered safe, as they follow stringent security measures for the safety of funds. In case of issues, users will have the option to register complaints for proper redressal.
○ Choosing a non-compliant exchange poses risks, including the government blocking its URL, resulting in users losing access to their assets. Compliant exchanges like CoinDCX, the first FIU-IND compliant exchange, offer a secure environment for investors.
● Exercise caution with unsolicited messages that promise guaranteed/high returns or request personal information
○ Always verify the authenticity of emails and messages and avoid disclosing sensitive information online to prevent falling victim to scams.
○ Investors should remain vigilant against the proliferation of fraudulent profiles on social media platforms like Twitter and Discord. These profiles impersonate notable figures within the crypto industry, including representatives from CoinDCX, with the intent to mislead and potentially defraud investors. To mitigate this risk, it is advisable to verify account details, avoid engaging in direct messages with unverified users, and steer clear of links from suspicious sources.
○ Avoid succumbing to pressure tactics that demand immediate decisions. Remember to 'Do Your Own Research' (DYOR) before engaging with any platform or making investments.
Sridhar Govardhan, Chief Information Security Officer, CoinDCX, highlights, "Safeguarding our users' funds is our top priority at CoinDCX. With a robust multilayer security system, we prioritize account safety above everything. Our dedicated security team remains vigilant against fraudulent websites, swiftly identifying and reporting them. We urge users to exercise caution, report anything suspicious, and collaborate with us in ensuring a secure environment."