Decentralized Finance (DeFi) has revolutionized financial transactions, enabling peer-to-peer exchanges without intermediaries. However, its rapid growth has also fueled the rise of Scam tokens—fraudulent cryptocurrencies designed to deceive investors. These scams, including rug pulls, Ponzi schemes, and phishing attacks, exploit the decentralized nature of blockchains to evade oversight. This paper systematically analyzes scam token behaviors, differentiating them from Legitimate tokens using financial metrics, transaction patterns, and smart contract functionalities. Leveraging on-chain data and statistical methods, we identify key fraud indicators to enhance detection mechanisms. Our findings offer valuable insights for investors, researchers, and regulators, improving security in DeFi markets. Additionally, we propose strategies to strengthen scam detection and mitigate financial risks, fostering a safer and more transparent blockchain ecosystem.