4 Common Crypto Scams: This Is How You Protect Yourself

Both on the Internet and outside of the Internet, scams are everywhere. Someone can scam you over the phone, on a social media website, or even on the streets. To make matters worse, scammers come in all shapes, sizes, ages, genders, and ethnicities, and they’re present in every single city around the world. Feeling safe yet?

Common Crypto Scams

It only gets worse. If you happen to be involved in the world of cryptocurrency, you, again, have another way you can be potentially scammed. Ugh, right?! But it doesn’t mean you have to give your crypto dreams up.

Considering scams are so common, it’s clear that it’s something that we can’t avoid, but it is something we can learn to recognize and manage.

Below are some of many types of crypto scams you’ll be at risk of experiencing but can certainly avoid with the right background knowledge.

1. Fake Websites

One way you can become a victim of a cryptocurrency scam is by visiting a fake “cryptocurrency” website. To verify if it’s for real, look for a little lock off to the left of the link in the URL bar, or verify that the website contains “https” at the beginning of the URL. You can also do a Google search to ensure the website is legit.

2. Counterfeit Emails from “Cryptocurrency Websites”

Did you get an email from a crypto website? Whether or not the name of the site is familiar, see who sent it. Look for different symbols, letters, and/or domains in the email address. Copy and paste the sender’s e-mail address and do a search on the web to verify its authenticity. Also look for errors in the email itself. Don’t click any links in the email until you verify it’s legitimacy.


  1. Phoney Apps

Yes, there are even cryptocurrency apps out there that may seem safe to use but aren’t. Normally, these apps won’t be approved to be in app stores from the start. However, sometimes, they can make their way in. Double check the app name and description for typos, and make sure to check the reviews. (Look for suspicious reviews while you’re at it.)

4. Social Media Hoaxers

Just like people can scam others out of money using social media, they can do the same with cryptocurrency. Suspicious messages or odd posts asking for cryptocurrency or strange “businesses” that are selling items in exchange for crypto (yet seem to have no customer base or no legit customers) might be tell-tale signs of a scam. The block button will come in handy.

Crypto scams happen much more often than you think. Are you or a loved one a victim of a crypto scam? Get in touch with a cryptocurrency attorney today to see if anything can be legally done.


Scams can be carried out any place at any time. But if you’re into cryptocurrency, it’s yet again another potential for a scam that you may be unintentionally setting yourself up for. Of course, though, crypto isn’t the problem; it’s the scammers.

While we don’t have to power to banish these crypto scammers, what we do have the power to do, however, is to recognize a scam when we see one and avoid giving in, or if the scam already successfully took place, reporting it to police and/or getting in touch with a lawyer.

I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank.