Spotting scams

Cryptocurrency scams

What is a cryptocurrency scam?

These tend to take place via cold calls or adverts on social media - often using the images of celebrities or well-known individuals to promote them. The ads then link to professional-looking websites and customers are persuaded to make investments with the firm using cryptocurrencies or traditional currencies.

Tips on how to spot a cryptocurrency scam

  • They'll demand for payment in cryptocurrency which is most probably a scam. A legitimate business will not make you send cryptocurrency.
  • Be aware of people/companies that will guarantee profits. Don’t trust people who promise you can quickly and easily make money in the cryptocurrency markets.
  • If someone on a dating site or app approaches you to invest in crypto, or asks you to send them crypto, this will probably be a cryptocurrency scam.

Steps to protect yourself

  1. 01

    Always question whether the website, social media posts or advert is legitimate. Scammers will use well-known brands or celebrities to convince you that a scam is real.

  2. 02

    Fraudsters will try and rush or pressure you to make an investment in cryptocurrency. If you're promised good returns only if you invest quickly, always be wary.

  3. 03

    If you're receiving unexpected calls or messages regarding making cryptocurrency investments, you can alway refuse, reject or ignore. Always make sure that you do thorough research before making investment decisions.

How to report fraud

If you've been the victim of fraud, please tell us straight away if you've given any details out or think you may be the victim of fraud or a scam.

Other content you might find helpful...

Identity theft

Identity theft is when a fraudster steals your personal information to impersonate you, open accounts, obtain credit or set up businesses.

Pension scams

A fraudster encouraging someone with access to their pension to move funds, where the money may be lost or unreasonably charged.

Impersonation fraud

Criminals pretend to be a trusted organisation, may say your account is at risk and ask you to move your money to a ‘safe account’.