{"id":21070,"date":"2025-02-21T14:06:54","date_gmt":"2025-02-21T19:06:54","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=21070"},"modified":"2025-02-21T14:06:56","modified_gmt":"2025-02-21T19:06:56","slug":"eight-common-crypto-scams-and-how-to-spot-them","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/eight-common-crypto-scams-and-how-to-spot-them","title":{"rendered":"Eight common crypto scams and how to spot them"},"content":{"rendered":"\n

Cryptocurrency, also known as crypto, is digital currency that is encrypted and decentralized. Over recent years, cryptocurrencies such as Bitcoin and Ethereum<\/a> have made headlines for their considerable volatility and risk.<\/p>\n\n\n\n

While many people are drawn to cryptocurrency, it carries significant peril. For example, crypto holdings are not insured by the Federal Deposit Insurance Corporation (FDIC), which does insure traditional bank deposits in accounts such as checking and savings. This means that a crypto investor assumes a substantial risk of losing their money during a crash.<\/p>\n\n\n\n

But that isn’t where the risk ends. The world of cryptocurrency has also created a new environment for scammers to steal from others.<\/p>\n\n\n\n

In 2023, crypto-related fraud losses rose to $5.6 billion, an increase of 45 percent from the previous year, according to the FBI\u2019s 2023 Cryptocurrency Fraud Report <\/a>.<\/p>\n\n\n\n

In an increasingly digital world, it\u2019s important to learn how to spot these scams to help you protect yourself.<\/p>\n\n\n\n

Types of cryptocurrency scams to watch<\/h2>\n\n\n\n

The decentralized nature of cryptocurrency and speed of irreversible transactions make it an attractive vehicle for criminals, while also creating challenges to recover stolen funds.<\/p>\n\n\n\n

If you decide to take on the considerable risks associated with investing in cryptocurrencies, you should take every step possible to safeguard yourself from scammers. Part of this process is familiarizing yourself with some of the most common scams involving crypto.<\/p>\n\n\n\n

1. Business opportunity scam<\/h3>\n\n\n\n

A scammer may contact you with a fake business opportunity or crypto investment that they claim will guarantee significant returns with little to no risk or effort on your part. They will often act as if the matter is urgent in an attempt to pressure you into providing payment. But once you complete your transaction, the offer never comes to fruition, and you may not see your money again.<\/p>\n\n\n\n

Remember, if it sounds too good to be true, it probably is.<\/p>\n\n\n\n

2. Fake cryptocurrency websites<\/h3>\n\n\n\n

Cybercriminals often create fake versions of legitimate cryptocurrency websites and apps to help them scam victims. The fake website may have a similar design to an official website, but the domain name will be slightly different from the legitimate one. The scam website may even include fake testimonials and trading records to make it seem trustworthy.<\/p>\n\n\n\n

Using a strategy called phishing, scammers will send an email or text with a link to their fake site, hoping to trick people into providing personal information, such as login credentials, that would give them access to the victim\u2019s cryptocurrency wallet. Once someone logs in or pays money to these websites, they might find it impossible to recover their lost funds. Always verify the validity of any site before entering sensitive information into it.<\/p>\n\n\n\n

3. Fake celebrity endorsements<\/h3>\n\n\n\n

Some scammers will post pictures of a celebrity or influencer, falsely claiming that the celebrity made a lot of money using their financial services app or program. These organizations might contact you through social media, sending you links or QR codes. Their hope is that the false celebrity endorsement will be enough to convince you that the scheme is real.<\/p>\n\n\n\n

If you click the link, bogus financial services companies will pressure you to open a cryptocurrency account by downloading their app. In some cases, this app may enable remote access to your device, allowing fraudsters access to your funds.<\/p>\n\n\n\n

4. Ponzi schemes<\/h3>\n\n\n\n

While Ponzi schemes have been around for decades, they’ve found new life in the crypto era. In a Ponzi scheme, scammers attempt to recruit you as an investor in what appears to be a legitimate cryptocurrency portfolio. The scammers will continue to recruit new investors, securing more money and\u2014thanks to their accrual of funds\u2014the appearance of legitimacy.<\/p>\n\n\n\n

Instead of investing in a cryptocurrency portfolio as promised, they use the funds to pay out the initial investors and pocket the rest. Since early investors might receive consistent high returns, they can unknowingly legitimize the Ponzi scheme by endorsing it. Scammers will falsify documents and fabricate account statements to keep the scheme going and recruit more investors.   <\/p>\n\n\n\n

5. Charitable donation scams<\/h3>\n\n\n\n

It’s possible for individuals or corporations to donate cryptocurrency investments to legitimate charitable organizations. This means that it’s also possible for scammers to pose as those organizations.<\/p>\n\n\n\n

During this scheme, scammers will set up a fake website that poses as a legitimate charity or, in some cases, a completely made up one. These websites focus on one objective: taking advantage of a person’s charitable inclinations to steal their money.<\/p>\n\n\n\n

6. Rug pull scams<\/h3>\n\n\n\n

Also known as pump-and-dump schemes, these scams involve a fraudster who promotes a crypto product to boost its price. They then take the investors\u2019 money and quietly shut down the project, leaving investors with worthless crypto coins.<\/p>\n\n\n\n

7. Blackmail scams<\/h3>\n\n\n\n

Scammers will sometimes try to blackmail an individual by saying they have compromising photos or videos of the person and will request payment with cryptocurrency to avoid them sending the compromising images to others.<\/p>\n\n\n\n

When this happens, the\u00a0Federal Trade Commission (FTC) advises\u00a0that you ignore the scammer’s threats and\u00a0report the crime to the FBI <\/a>.<\/p>\n\n\n\n

8. Romance scams<\/h3>\n\n\n\n

Romance scams exploit victims\u2019 hopes and trust. Scammers often use dating apps and websites to make unsuspecting individuals, commonly seniors<\/a>, believe they are in a real relationship. Once the victim\u2019s feelings are involved, the scammer will try to get them to invest in a fake crypto project, convincing them to transfer coins or share their account credentials.<\/p>\n\n\n\n

How to help detect and prevent crypto scams<\/h2>\n\n\n\n

If you choose to invest in cryptocurrency, it\u2019s crucial to take steps to protect yourself<\/a> and your money. Consider these five tips for protecting yourself from crypto scams.<\/p>\n\n\n\n

1. Stay informed about cryptocurrency and scams<\/h3>\n\n\n\n

There are thousands of cryptocurrencies, and each type provides different ways to purchase and store it. With so many options available, it\u2019s important to educate yourself.<\/p>\n\n\n\n

In addition, you should always stay up to date about common scams in cryptocurrency markets and be aware of how scammers are approaching investors. If you are contacted to buy or sell cryptocurrency, be extremely cautious about responding, and if there’s a hint of doubt\u2014don’t. <\/p>\n\n\n\n

2. Do your due diligence<\/h3>\n\n\n\n

Never invest in a new cryptocurrency or initial coin offering (ICO) without doing thorough research. Be skeptical of any cryptocurrency platform that promotes a guaranteed return. Remember, there’s no such thing as a free lunch.<\/p>\n\n\n\n

3. Use reputable wallets with robust security features<\/h3>\n\n\n\n

When you own cryptocurrency, you can only access your holdings with your private “key,” which is the password that gives you access to your money. Crypto wallets should have robust security features\u2014because anyone who gains access to your private keys will immediately have access to your crypto funds.<\/p>\n\n\n\n

4. Practice good cyber hygiene<\/h3>\n\n\n\n

Staying vigilant about your online security<\/a> is essential to safeguarding yourself against fraud. Use long passwords, two-factor authentication and update all your software in a timely manner. Do not share your private keys with anyone.  <\/p>\n\n\n\n

5. Check out charities before making a donation<\/h3>\n\n\n\n

Always research the charitable organizations you are interested in supporting. There are several online databases that can help you verify and evaluate legitimate nonprofit organizations. <\/p>\n\n\n\n

How to report a cryptocurrency scam<\/h2>\n\n\n\n

It’s important to remember that investing in cryptocurrency is inherently risky, even when scams aren’t a factor. If you’ve chosen to take on the risk associated with investing in crypto, you need to stay mindful in order to protect yourself.<\/p>\n\n\n\n

If you suspect a crypto scam or believe you\u2019ve been the victim of a crypto scam, visit the\u00a0FBI\u2019s cryptocurrency page for guidance <\/a>.<\/p>\n\n\n\n

This article was originally published on <\/em>cnb.com <\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing in cryptocurrency carries considerable risk and is a ripe environment for scammers.<\/p>\n","protected":false},"author":22,"featured_media":21072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[368,138],"tags":[731,732,395,733,370],"rbcwm_content_owner":[],"rbcwm_need":[463],"rbcwm_segment":[460],"rbcwm_solution":[465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-21070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-protection","category-your-finances","tag-crypto","tag-crypto-fraud","tag-cryptocurrency","tag-cybercrime","tag-wealth-protection","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Investing in cryptocurrency carries considerable risk and is a ripe environment for scammers.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"

Cryptocurrencies are complicated products that may be subject to extreme volatility, limited liquidity, potential fraud, and may pose significant risk to retail investors. These products are speculative, and are not suitable for all clients. RBC Wealth Management has no opinion regarding cryptocurrencies or the cryptocurrency market. RBC Wealth Management employees are prohibited from providing advice or direction to clients interested in digital currency transactions.<\/p>\r\nThis article is provided for informational purposes only, and should not be used as the primary basis for any investment decision. The information contained herein has been compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made by RBC Wealth Management, its affiliates, or any other person as to its accuracy, completeness, or correctness. All opinions and estimates constitute the author\u2019s judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Nothing in this communication constitutes legal, accounting or tax advice or individually tailored investment advice. This material has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The investments or services may not be suitable for you, and it is recommended that you consult your financial advisor if you are in doubt about the suitability of such investments or services. Past performance is no guarantee of future results, future returns are not guaranteed, and a loss of original capital may occur.<\/strong>"},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":true,"rbcwm_toc_selector":"h2"},"yoast_head":"\nEight common crypto scams and how to spot them<\/title>\n<meta name=\"description\" content=\"Investing in cryptocurrency carries considerable risk and is a ripe environment for scammers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cnb.com\/personal-banking\/insights\/crypto-scams.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eight common crypto scams and 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