How to recognize a crypto scam?

Scams come in various forms and levels of credibility, therefore they can be very hard to identify. Unfortunately, scams (also) take place in the world of digital assets. We would like to make you aware of different types of scams so you can prevent them from happening to you.

Types of scams

Scams can take many forms. Below you will find some common scam types:

• Boilerroom fraud (Forex broker fraud): investment parties or crypto projects that promise very high returns by investing. Often accompanied by an online personal ‘account manager’.
• Tech support fraud: a fraudster posing as a support employee of a tech company indicating that you have been hacked, that you have a virus, or an outdated license. This problem could allegedly be solved with payment in crypto. Fraudsters can reach out via Whatsapp for example.
• Crypto recovery fraud: parties that pretend they can recover crypto that has been lost (i.e. due to a faulty transfer or a scam).

How to recognize scams

Whenever you want to invest, it’s best to do your research first. We will give you some characteristics to help you identify a potential scam:

• Scammers often build an (intense) online relationship with the victim.
• Scammers often promise high returns and low risk. A guaranteed profit is extremely suspicious.
• Scammers often use high-pressure tactics, such as urgent deadlines, limited availability or missed opportunities.
• Scammers often will ask for access to your personal accounts (such as a bank account, Bitvavo account, or personal wallet).
• Scammers will often use a slick and professional-looking website with fake price charts and an unrealistic fast-increasing balance.

Once victims have invested their money, they may find that the securities are worthless or that they cannot be sold. The fraudsters may disappear, or they may continue to contact their victims with false promises of high returns, while in reality, they are simply trying to extract more money. Trust your instincts. If something sounds too good to be true, it probably is.

Contact with Bitvavo

Please note that Bitvavo never reaches out to customers via WhatsApp, Telegram, or Facebook. We only reach out through [email protected] and [email protected] or via phone after we made an appointment via email.

Our website

When visiting our website, it's best to go straight to bitvavo.com and not use a search engine. Malicious entities may advertise themselves as Bitvavo.

Anti-phishing code

To ensure that emails from Bitvavo are really from us, you can use an anti-phishing code. This is a unique code that is included in every automated email you receive from Bitvavo. Be sure to always check whether the code is there and if this code is identical to the one you have entered in your Bitvavo account. Read more about anti-phishing codes.

If you notice unusual behavior or if you are in doubt about something, please let us know by sending an email to [email protected] with the subject "Urgent" so we can take action together as soon as possible to limit potential damages.