Binance Learn & Earn – How to Spot Crypto Scams Quiz Answer

Binance Learn & Earn – How to Spot Crypto Scams Quiz Answer 

Event Time:-   End Date 2 Sep Time 17:59UTC 
Price Pool:- £10000 Worth BNB 

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Q1. True or false: A Crypto scam is a scheme designed to deceive and trick someone out of Crypto

Ans:- True

Q2. Why are Crypto scams riskier than traditional scams involving fiat?

Ans:- Crypto scams are riskier because transactions are irreversible 

Q3. Out of the following three options, which one is the most likely reason for why Crypto scams are rising? 

Ans:-Fraudsters are taking advantage of FOMO and technical inexperience of newcomers 

Q4. How much was lost in crypto 6 points related fraud in 2020?

Ans:- £1.28

Q5. Tick all the common types of Crypto scams from below:

Ans:- -Project/Token Frauds
          -Malware Installation
          -Fake Crypto sites/wallets
          -Giveaway/Airdrops Scams 
          -Fake Crypto investments
          -Wallet/Account Hijacking

Q6. What are the two main ways for Crypto Project teams to fund their projects?

Ans:- -Public Offerings
          -Private Fundraising

Q7. What does ICO stand for?

Ans:- Initial Coin Offering

Q8. What is one of the differences between ICO and IPO?

Ans:- ICOS have little to no investor protection whereas IPOs are regulated

Q9. What is an IEO?”

Ans:- Initial Exchange Offering

Q10. True or False: Fraudsters often impersonate official websites (or emails) such as Binance to lure victims into sending them money?

Ans:- True

Q11. True or False: Fraudsters will often post as celebrities, influencers or hack into social media accounts to lure victims into sending them money

Ans:- True

Q12. Are Crypto giveaways safe?

Ans:- Sometimes – but some crypto giveaways can be scams/fraudulent

Q13. True or False: Will Binance * 4 points Customer Support contact you via a Phone call?

Ans:- False

Q14. What are the four main methods to protect yourself from scams? Tick all that

Ans:- -Distinguish between official and fake communication
        -Research and do your due diligence into project/tokens
      -Secure your crypto accounts with 2FA
     -Avoid clicking on Phishing or Suspicious Links

Q15. True or False: SIM Swapping can only occur if you physically lose your Phone?

Ans:- False

Q16. Where can you locate the Binance Verify page?

Ans:- Only though Binance website: verification

Q17. True or False: Scammers can often gain access to your Crypto by purposefully making you download malware (harmful software) via your mobile or computer service?

Ans:- True

Q18. What questions do you need to ask during due diligence checks before investing in Projects/Tokens?

Ans:- All of the above

Q19. True or false: Anti Phishing code is an additional security feature provided by Binance that allows users to add an extra layer of security to their account?

Ans:- True

Q20. What is 2FA?

Ans:-Two Factor Authentication

Q21. What methods of 2FA are pos you recommended to use? Tick all that apply

Ans:- -Use Trusted Antivirus Program (and Firewall)
          -Protect your Login Credentials with a Strong Password
         -Keep a separate/dedicated computer/phone just got Crypto accounts

Q22. True or False: Phishing is one pot of the most wide spread and common cyber attack technique. It is a type of social engineering attack that involves psychological manipulation and relies on human failures.

Ans:- True

Q23. What is a Rug Pull?+

Ans:- Crypto Project team sell all their Tokens in the market which results in token price essentially going to zero

Q24. What is Binance doing to help mitigate Scams? Tick all that apply:

Ans:- -Implementing Strict Security Measures
         -Making KYC (Know Your Customer) Mandatory
        -Working with Law Enforcement

Q25. Should you contact your Local Police/Action Fraud if you have been scammed?

Ans:- True

Thank you 

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