As with any industry, there are a number of scams and people who want to take advantage of someone in some way. Each scam is different but ultimately, they have a couple of things in common. A convincing story, and an even more convincing representative.
Below is some information about some of the most common scams affecting the cryptocurrency industry.
Account managers and brokers - Are you looking to invest? Are you in contact with an account manager or broker? Before investing money with them, it's always best to really dig deep and investigate the company and their internet "fingerprint". Keep in mind that Binary and Forex platforms are notorious for being risky. It's important to do your own due diligence and understand the risks involved. Also, remember you that can't trust someone's identity through Facebook, Instagram or other social media sites.
💡 Tip: Search for the name of the company that contacted you (or you're considering) and add scam to the search string. Example: "Company ABC scam" or "Company ABS review".
Airbnb - Trying to pay for your apartment listing or rental deposit? Have you been asked to pay in crypto or offered a discount if you pay in bitcoin? You might be speaking with the scammer. Airbnb doesn't accept crypto payments, they might in the future, but for now, avoid anyone asking for you to pay in crypto. The scammer might also ask you to sign into "Airbnb" and provide you with a link that looks exactly like the official Airbnb website. Double check the URL and take a look the Airbnb Help Center if you are not sure.
- 🚨 Airbnb does not accept crypto payments
Amazon - Are you trying to cancel your Amazon Prime or get a refund on your Amazon purchase? An official Amazon representative won't ask you for your card information over the phone, and Amazon does not accept crypto payments. Their representatives wouldn't refer you to Coinmama or ask you for a picture of you holding your ID. Make sure that you are speaking to a real representative. You can find out how to contact Amazon by clicking "Help" on their homepage or you can open a chat with Amazon and confirm.
- 🚨 Amazon does not accept crypto payments
- 🚨 Amazon will not ask for your card details over the phone
Facebook - Locked out of your Facebook, or something is not working on your Facebook account? Facebook doesn't offer phone support. Don't trust someone who asks for a picture of your ID to unlock your Facebook account. Take a look at their Help Center for more information.
- 🚨 Facebook does not offer phone support
Mircosoft - Having computer issues? Microsoft won't ask you to sign up for Coinmama and won't ask you for a payment over the phone. If in doubt, try confirming with Microsoft's virtual assistant
- 🚨 Microsoft will not ask for your card details over the phone
Referral/Advert schemes - Are you watching adverts or trying to get referrals for a commision? The majority of these programs are scams and don't pay out, some of them even ask you to pay them before you get your earned money! Avoid them.
Tech support - Have you been offered a tech support service? Or has someone reached out to you saying that there is a problem on your computer? Be careful! The majority of these services steal your information or charge you unfair amounts for not providing a legitimate service. We aren't associated with any tech companies and you should definitely not pay them in crypto!
Miners - Crypto mining can be productive but it's also very complicated. If you found a mining service that asks you to simply send BTC (or other coins) to start earning, it's most likely a scam. You don't need to have crypto in one wallet to "start" mining and if they ask you to pay for a private key. Don't. There should be no reason to buy a private key.
Order fulfillment - Have you seen an add on craigslist or other sites saying that you can earn money by purchasing crypto and sending it to certain addresses? Please know that Coinmama would never ask someone to do this. At best it's simply a way for you to be scammed, at worst it's a money laundering scheme that has serious legal implications if you are involved.
Want to know more? Read our article about how to protect yourself from fraud.