How can scam/fraud be eliminated in BLockchain Technology?

[Hasan Raza]

As the fraud or scam system has updated through authenticity verification the hackers has also changed their ways of hacking system.The only way is by making sure that security is made extremely tight in blochchain
Making sure that any body that want to login aside the owner of the account, the virus also sent in different files to hack the device of users.

 

[Ralphjoe]

Well the best security arrangements I have devised for my cryptocurrencies wallet is the use of biometric fingerprint, this is pretty hard for anyone to crack since it only works with my fingerprint and no one else's fingerprint.

 

[Lagazine]

Fraudulent act can't be underestimated on blockchain platform because most of this fraudster doesn't care if you have more or not. The only way to escape them is by setting up your own security login like 2FA and email security. Of those things were done, your a partially safe.

 

[Rimsha kanwal]

I believe if your account is secured with two factor authenticator, it can go a long way in securing your wallet, that's why most crypto platforms now use it to secure customer account

The blockchain technology that drives the Bitcoin economy is essentially a decentralized, immutable database of transactions open for anyone to view and validated by a distributed collective of verifiers. The purpose of its design is to ensure that no one can alter any past transaction record.

 

[Dowenship]

Like seriously I wished this world is scamfree.... their is no place in this world today you won't see scammers which as polluted the system. if bitcoin and other crypto can be controlled only by technology is safe by then.

 

[Highflyer]

Because the blockchain is constantly monitored by the entire network of nodes, each of which maintains a copy of the blockchain, malicious users have no means of inserting fraudulent blocks into the public ledger without immediately being noticed by others.In addition, UK businesses also lost over £40m last year due to fraudulent activity ... up to the idea that Blockchain technology could be used by procurement teams to help

 

[Ltherman]

Because the blockchain is constantly monitored by the entire network of nodes, each of which maintains a copy of the blockchain , malicious users have no means of inserting fraudulent blocks into the public ledger without immediately being noticed by others.

And to change the nodes one will have to gain control over all the nodes Which are domiciled in systems to be able to manipulate it. My concern is the government trying g to come in and regulate way beyond what they should.

Post automatically merged: Jan 16, 2021

Because the blockchain is constantly monitored by the entire network of nodes, each of which maintains a copy of the blockchain, malicious users have no means of inserting fraudulent blocks into the public ledger without immediately being noticed by others.In addition, UK businesses also lost over £40m last year due to fraudulent activity ... up to the idea that Blockchain technology could be used by procurement teams to help

Can blockchain help out in the business email compromise which is the type of scam where the official mails of reputable companies are compromised and used to send emails to other corporate bodies who can fall victim.

 

[Bart Simpson]

However, there is no way to control hacking when it comes to cryptocurrencies as they are very open. Exchanges and wallets can minimize their vulnerability. From the stories that I have read, I have a positive feeling about the security steps being taken by most of the exchanges since theft has been reduced and even when it happens, they try to track down the hackers at some degree.

 

[iamgroot]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

For me, that kind of crime will not go away, that is natural. No matter how many layers of security you protect (like cryptos or vitual money), cyber attackers will and will work to break it down. Hardeware wallets are probably one of the most effective ways to protect the wealth of crypto owners and holders.

 

[Abbas ali]

Because the blockchain is constantly monitored by the entire network of nodes, each of which maintains a copy of the blockchain, malicious users have no means of inserting fraudulent blocks into the public ledger without immediately being noticed by others.

 

[Jimmie150]

For me talking about how can scam be eliminate from block chain technology is a big issue and I think it can only be reduced to the minimal rather eliminating it. Also kyc methods should be set in place acids block chain.

 

[Akinwale701]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

With the little experience I have in cryptocurrency, I think this is very impossible. The way cryptocurrency is designed already gives room for scamming. no tracing of transactions, no how you could recover funds sent to a mistaken address, etc.

 

[Dowenship]

Huh....i believe there are measures to stopping this hacking of a thing because it can be detrimental to the health of the currencies....

 

[Nicklas22]

It's going to be very hard to secure cryptocurrency wallet properly but my suggestion is for the owners to Authorize Two facto authentication
Secure the Application the strong password

 

[Abbeyola]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

Scam and fraud can be eliminated when dealing with block chain, by ensuring that an escrow is being used in the payment and delivering of services, during transaction.

 

[Jesuyemi 08]

I believe if your account is secured with two factor authenticator, it can go a long way in securing your wallet, that's why most crypto platforms now use it to secure customer account

This may be effective if you are not involved in exchange of crytocurrencies. Most scammers will appear like a good person not until they unleash their mayhem on you. The best thing is to open your eyes while trading crytocurrency with strangers.

 

[BrolySSJ]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

I think that hacking is going to be a reality when it comes to any online mechanism. The best way that we can try to prevent it is to have more secure systems and more stringent safety precautions such as two Factor authentication. Also it is important for the users of cryptocurrency to invest in hardware wallets.

 

[Chibson]

I don't know how possible this may be, but people need to be very careful with their cryptocurrency wallet passwords and of course phrases as offered by most crypto wallets..

 

[Jumoke12]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

The nature of BlockChain technology being untraceable makes it a bait for scam or fraud. To prevent such, you have to make sure you secure your wallets in the best possible way you can to avoid such.

 

[Dowenship]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

I don't know how the current banking sector are and to stand against hacking over the years, if crypto currency can give that kind of security, then I think it will eventually make funds secure and reduce scam.