Crypto investment scams – how do they work

The romance fraudster

A fraudster approaches you on a dating app or social media platform
It can start as a romance scam, quickly turning into an investment fraud with potentially serious financial losses for you

A fraudster targets you by compromising your friends' social media accounts
Because you believe you are communicating with a trusted person, you can be more open to make the investment

A fraudster calls and shows you a fraudulent crypto investment website
They convince you to invest based on a fake potential growth
In many cases, you will only realise the money cannot be withdrawn after a long period of investment time

You come across a crypto investment advertisement on social media
You click on it and provide your contact information. The fraudster contacts you by phone and convinces you to invest

Investment opportunities with too good to be true returns
Displays of urgency making you think this is a deal you don't want to miss
Fraudulent ads posted on the internet or social media
Unsolicited investment offers received by telephone, email or social media. The opportunities can be presented by:
- Fraudsters impersonating a friend
- Someone you have only met via dating apps or social media
- A fake crypto company
Requests to transfer your legit crypto investment to an alternate crypto address that is under the control of criminals.

Research carefully before making a crypto investment. Choose a reputable service
Be careful when sending cryptocurrency. Once the transaction is completed you will be unable to recall it
If you receive an investment opportunity from a friend, confirm that the message really came from them.
Be wary of individuals met on dating apps or social media who attempt to convince you to invest in cryptocurrencies
Beware of unsolicited requests encouraging you to open and fund new crypto accounts. They will direct you to wallets controlled by criminals
Prior to investing, research the team behind the offer and analyse the project
Be clear on the conditions of your purchase and cryptocurrency ownership
Keep it to yourself. If you buy cryptocurrency, do not announce it on social media as it might attract the criminals' attention
If you become a victim, report it to your national police