FAQs
8 Tips to Protect Yourself from Crypto Scams
- Never share your wallet's seed phrase. ...
- Do your own research. ...
- Ignore urgent requests. ...
- Be suspicious of social media posts. ...
- Ignore random DMs. ...
- Make sure the website address is correct. ...
- Download apps from official mobile app distribution platforms.
What do you do if you get scammed in crypto? ›
But if you've fallen victim to a crypto scam, here are four key steps you should take:
- Find your transaction IDs. ...
- Write your narrative. ...
- Prepare to prove ownership. ...
- Contact law enforcement and report.
Can you do anything about crypto scams? ›
Signs of crypto scams include poorly written white papers, excessive marketing, and claims that you'll make a lot of money quickly. You can contact several federal regulatory agencies and your crypto exchange if you suspect that you've been the victim of a crypto scam.
Can I get my money back from scammer crypto? ›
Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction.
What is the safest way to hold crypto? ›
Hardware wallets are universally considered to be the safest way to hold your crypto. They consist of physical devices that store and generate keys without any connection to the Internet and, as such, fall into the classification of cold wallets.
Do banks refund scammed money? ›
The Consumer Financial Protection Bureau is the regulator responsible for enforcing Regulation E, the 1978 federal rule that requires banks to repay customers if their money is stolen from a consumer account through an electronic payment initiated by another person.
What to do after being scammed? ›
Report the scam to the FTC online, or by phone at 1-877-382-4357 (9:00 AM - 8:00 PM, ET). The FTC accepts complaints about most scams, including these popular ones: Phone calls.
Does Coinbase cover theft? ›
Coinbase carries crime insurance that protects a portion of digital assets held across our storage systems against losses from theft, including cybersecurity breaches.
Can stolen crypto be recovered? ›
The good news is - Yes, you can recover your crypto assets using a crypto assets recovery service. It is indeed possible to get your crypto assets back. But it can be a difficult process if you don't have the right information. Here's everything you need to know about recovering your lost/stolen crypto assets.
Can you track a scammer? ›
IP tracing
An IP address can be used to trace the location of the scammer if the IP address is not hidden using a VPN or other means. There are a variety of ways to obtain someone's IP address.
Report the scam to your bank's fraud team - the first step if for you to report the issue to your bank's fraud team. This will kick off an investigation at the bank. Fraud investigation - your bank has 15 days to investigate and then report back with an outcome on whether it will give you money back.
How do you recover a scammed investment? ›
Investment Fraud Victim Recovery Checklist
- Create an investment fraud file. Start by collecting all relevant documentation concerning the fraud in one file that's kept in a secure location. ...
- Know your rights. ...
- Report fraud to regulators. ...
- Report the fraud to law enforcement. ...
- Consider your options. ...
- Follow Up.
What happens if a scammer has your email address? ›
One of the major risks of scammers having your email address is that they'll use it to hack into your other online accounts. With your email address, they can request password resets, try entering your other passwords that have been leaked online, and even break into your email account.
What can a scammer do with my email and phone number? ›
Once hackers have your number, they can use it to gain access to your most sensitive and valuable data, such as your:
- Email accounts and contact lists.
- Financial assets and bank accounts.
- Current and previous home addresses.
- Social media and other online account passwords.
- Date of birth and Social Security number (SSN)
What is the first line of Defence against phishing attacks? ›
“Your employees should be considered your first line of defence when it comes to phishing attacks. It's their inbox that the criminals target, so they need to be given adequate training and guidance on what to look out for.”
Where should you hold your crypto? ›
Best practices for storing cryptocurrencies
- Store the bulk of your crypto in a cold wallet since that's the most secure option.
- Use a hot wallet for smaller amounts of crypto that you want available for trading.
- Physically record the recovery phrases for your crypto wallets.
Where is the best place to hold crypto? ›
Key Specs. We chose Trezor as best for security because it comes with the strongest security features and track record of any reviewed hardware wallet. Trezor, like Ledger, is a name synonymous with crypto cold wallet storage.
Where should I store my private key? ›
The most secure method of storing your private keys is to use some form of cryptographic hardware storage device. While they can be expensive, tools like Hardware Storage Modules (HSM), Smart Cards, or USB tokens are great lines of defense against an attack.
Should I tell my bank I got scammed? ›
Beware of additional scammers who may contact you claiming they can help you get your lost money back. SECURE YOUR FINANCES. Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
Do banks go after fraudsters? ›
Do Banks Press Charges for Fraud? Yes. Fraud charges of sufficient scale can result in state or federal charges and time in jail.
Fraud and theft
- your local police — call 131 444.
- ReportCyber — if you think your personal information has been used.
How do you get rid of a scammer? ›
If you suspect that a message that you received came from a scammer, report it to your cell carrier so they can investigate and block the number. Also, if you don't frequently make international calls, you can ask your carrier to block all international contact.
What if I gave my address to a scammer? ›
As soon as you think you've been the victim of a change-of-address scam, follow these steps: Contact your local U.S. Postal Inspection Service office. If you don't know the phone number for the local office, contact the general U.S. Postal Inspection Service at 1-877-876-2455. Press option “4” to report mail fraud.
How do I protect my assets in Coinbase? ›
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- Use a strong password.
- Use the strongest form of 2-step verification.
- Secure your email.
- Lock down your mobile account.
- Keep your devices clean and updated.
- Protect your cloud storage accounts.
- Bookmark Coinbase.
- Stay alert for phishing.
What happens to my crypto if Coinbase shuts down? ›
This means investor/holders would not receive their coins/tokens back from the exchange and likely would receive only a small percentage of the value of the coins/tokens (potentially as of the bankruptcy petition date) from the bankruptcy estate.
Can you sue Coinbase for getting hacked? ›
If you're a Coinbase user and are currently using the cryptocurrency exchange or the wallet, you've, in effect, agreed that any dispute that arises from here on out is to be settled out of court. You will not be able to pursue any legal claim against Coinbase through a lawsuit.
Does insurance cover stolen crypto? ›
Representatives from both the SIPC and the FDIC confirmed that neither currently insures crypto assets. That means there's no federal protection for your cryptocurrency.
Who investigates crypto theft? ›
In 2021, the Department of Justice formed a National Cryptocurrency Enforcement Team to specifically investigate and prosecute the criminal misuse of cryptocurrency. Similarly, the FBI and other federal investigative agencies have established special units to investigate violations involving cryptocurrency.
Can you sue for crypto theft? ›
If you have lost your investment in any virtual currencies including in the stablecoin market, it is possible that your losses are the result of manipulation or other security crime. There may still be time to take legal action, including a potential class-action lawsuit, to recover your crypto assets.
What kind of info does a scammer need? ›
What they want are account numbers, passwords, Social Security numbers, and other confidential information that they can use to loot your checking account or run up bills on your credit cards. Identity thieves can take out loans or obtain credit cards and even driver's licenses in your name.
Malicious links, smishing (text message phishing), and even online dating scams can all give hackers access to your phone — and everything on it.
What happens if a scammer gets your info? ›
Identity (ID) theft happens when someone steals your personal information to commit fraud. The identity thief may use your information to apply for credit, file taxes, or get medical services. These acts can damage your credit status, and cost you time and money to restore your good name.
Does a VPN protect from crypto hackers? ›
Because a VPN encrypts your data, hackers won't be able to spy on your transactions. It also hides your IP address and prevents persistent tracking, so your physical location doesn't get linked to your blockchain wallet address.
How do people get scammed crypto back? ›
Report The Scam To The Law Enforcement Authorities
Typically, when you report a scam, the government will track down the criminals and get your funds back for you. Hence, don't hesitate to work with your government.
How can hackers steal your cryptocurrency? ›
An attacker—or group of attackers—could take over a blockchain by controlling a majority of the blockchain's computational power, called its hashrate. If they own more than 50% of the hashrate, they can introduce an altered blockchain in what is called a 51% attack.
Does a VPN protect your bank account? ›
In fact, online banking with a VPN is safer than without it. A virtual private network does NOT compromise your data, protecting it when you bank over public Wi-Fi or through a home network. Generally speaking, encryption is the most important feature a VPN offers.
How much does a VPN protect you? ›
A VPN encrypts and conceals your entire online traffic. It hides your IP address, location, and all digital activities, including downloads, streaming, and gaming activities. A VPN hides your browsing history from your ISP, websites, online snoopers, and even the government.
What will a VPN not protect you from? ›
It's important to remember that VPNs do not work in the same way as comprehensive anti-virus software. While they will protect your IP and encrypt your internet history, but that is as much as they can do. They won't keep you safe, for instance, if you visit phishing websites or download compromised files.
Is stolen crypto recoverable? ›
Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it.
Can you recover money lost in crypto? ›
Crypto can never be retrieved once it is sent.
The only way someone could access your funds would be if they had access to your Coinbase account, or in the case of a non-hosted wallet, your private key. Note: It is not possible to delete crypto addresses from your Coinbase account.
How common is crypto theft? ›
According to blockchain analysis company Chainalysis, 0.15% of known cryptocurrency transactions conducted in 2021 were involved in illicit activities like cybercrime, money laundering and terrorism financing, representing a total of $14 billion.
How does your wallet get hacked? ›
With sophisticated attacks from expert hackers such as power glitching, side-channel attacks, and software hacks like attacking a Hardware Security Module, hardware wallets can be vulnerable if they don't have the right fortification.