How to recognize cryptocurrency scams
Most crypto scams follow a small number of patterns. Once you know them, they become much easier to spot.
Warning signs
- Promises of guaranteed or very high returns.
- Pressure to act right now, before you can think or check.
- Requests for your seed phrase, private key, PIN or one-time code.
- A 'payment' you can only see as a screenshot or SMS, not in your bank app.
- Someone who 'overpaid' and asks you to send the difference back.
- Accounts copying a real company's name or logo with small spelling changes.
Common tricks
Fake investment schemes pay early members with new members' money until they collapse. Impersonators pose as support staff and message you first. Fake alert scams send convincing bank notifications for money that never arrived.
What to do
Slow down, verify through an official channel you found yourself, and never send funds to 'unlock' a payment. If something feels wrong, stop the trade — a genuine service will understand.