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
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?
Q5. Tick all the common types of Crypto scams from below:
Ans:- -Project/Token Frauds
-Fake Crypto sites/wallets
-Fake Crypto investments
Q6. What are the two main ways for Crypto Project teams to fund their projects?
Ans:- -Public Offerings
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?
Q11. True or False: Fraudsters will often post as celebrities, influencers or hack into social media accounts to lure victims into sending them money
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?
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?
Q16. Where can you locate the Binance Verify page?
Ans:- Only though Binance website:
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?
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?
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.
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?