You may have been involved in a cryptocurrency scam if 
  • You ordered goods/services with cryptocurrency through a site that never arrived, and the vendor can no longer be reached. 
  • You installed software related to your cryptocurrency and notice unexplained transactions within your account. 
  • You did not receive the promised return of your investment and are encouraged to buy more to ‘recoup your losses’. 
  • You are asked to receive cryptocurrency and tasked with transferring to other bank accounts with the promise of a percentage - this may be money-muling and is a criminal offence. 
  • You engaged with a fake website that mimics legitimate website, offering cryptocurrencies at lower prices. 

Protecting against cryptocurrencies scams 
  • Never agree to receive funds to transfer to another account for someone else. 
  • Seek out the public identity of the company/ people you are engaging with. 
  • Be cautious with any site or software promising you a fixed gain as these can be scams. 
  • Be certain of the person/product you are engaging with as cryptocurrency transactions are almost all irreversible. 
  • Ensure you have adequate protection on your devices through which you conduct any activity involving cryptocurrencies. 
  • If someone is selling a cryptocurrency investment opportunity do plenty of research and engage widely first, sometimes simply searching the name with ‘reviews’ beside it will identify a scam. 

General response advice for cryptocurrency scams 
  • ‍Disengage with all parties involved to minimise further harm. 
  • Save evidence of transactions, correspondence, information about those you have engaged etc. 
  • Ensure no breach of your device of personal information occurred by completing a virus scan, reset all PIN’s and passwords, clear history and remove cookies and if required reinstall your operating system. 
  • Reflect on what information was provided about yourself during the scam. 
  • If you provided remote access to the scammers to assist in crypto set up, uninstall the application that allows the remote access. 
  • Contact IDCARE to work through your concerns and to develop a response plan. 

More information 

IDCARE offers a wide range of Fact Sheets and information related to cyber security. Please see some of our other Fact Sheets for more information. 

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Disclaimer © 2018 Copyright Identity Care Australia & New Zealand Ltd. While every effort has been made to ensure the accuracy of the information in this FACT SHEET, IDCARE disclaims any liability to any person in respect to any actions performed or not performed as a result of the contents of the alert or any accompanying data provided. Note our service is free to the community and our Counsellors will never ask you to provide your personal information and credentials if we make contact with you.

Other fact sheets

Our Fact Sheets offer important information on how to prepare, prevent, detect and respond to Identity theft and other cyber related issues.
Understanding Cryptocurrency - Image of cyber/web background with bitcoins
Understanding Cryptocurrency

Cryptocurrencies such as Bitcoin or Ethereum are digital currencies.

view fact sheet
Physical Theft of Credentials

Identity theft is a type of fraud that involves the theft of someone’s personal information.

view fact sheet
Image Exploitation

Image exploitation is when an individual’s image is used without their knowledge or consent.

view fact sheet

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IDCARE is here to provide you with specialist support and guidance when faced with a cyber and  identity related issue. Contact one of our Identity & Cyber Security Counsellors to learn more about our Support Services and how we can help you.   
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