Welcome to Binance Learn & Earn Series. At the name suggests, you will learn about a specific topic and will be quizzed after on what you have learned. Those that pass the Quiz will win a shared prize pool $10,000 in BNB. In today's session, we will delve into "How to Spot Crypto Scams".

- Learn & Earn Quiz has 25 questions (100 points)
- Those that get higher than 90% will win an equal share of £10,000 in BNB prizes
- The deadline to complete this Quiz is Friday 2nd September 2022 at 17:59 UTC
- Rewards will be distributed within 2 weeks after the Quiz Ends 

Terms & Conditions
- You can only submit once, so be sure you have double-checked all answers
- There is no time limit during the quiz, so you can take as long as you need.

Binance How To Spot Crypto Scams Quiz Answers - Learn & Earn!

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Quiz Link: https://docs.google.com/forms/

Binance How To Spot Crypto Scams Quiz Answers

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

Answer: True

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

Answer: 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?

Answer: Fraudsters are taking advantage of FOMO and technical inexperience of newcomers

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

Answer: £1.2B

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

Answer: 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?

Answer: Public Offerings & Private Fundraising

Q7. What does ICO stand for?

Answer: Initial Coin Offering

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

Answer: ICOs have little to no investor protection whereas IPOs are regulated

Q9. What is an IEO?

Answer: Initial Exchange Offering

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

Answer: 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

Answer: True

Q12. Are Crypto giveaways safe?

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

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

Answer: False

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

Answer: 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?

Answer: False

Q16. Where can you locate the Binance Verify page?

Answer: Only though Binance website: https://www.binance.com/en/official-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?

Answer: True

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

Answer: 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?

Answer: True

Q20. What is 2FA?

Answer: Two Factor Authentication

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

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

Q22. True or False: Phishing is one 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.

Answer: True

Q23. What is a Rug Pull?

Answer: 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:

Answer: 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?

Answer: True

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