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

Identity Care Australia & New Zealand Ltd (IDCARE) provides identity and cyber security incident response services (the Services) in accordance with the following disclaimer of service:

IDCARE is Australia and New Zealand’s national identity and cyber incident community support service. We are a not-for-profit charity.

  • The Services provide do not constitute legal advice. IDCARE recommends that you consult a solicitor in relation to your legal rights and obligations, including but not limited to your legal rights or obligations under Australian and international privacy and data protection laws.
  • While every effort has been made to ensure the accuracy of the information in this product or service, to the maximum extent permitted by law all conditions, terms, representations, and warranties (in each case, whether express or implied) in connection with the provision of the Services which might otherwise be binding upon IDCARE are excluded.
  • IDCARE’S liability for any loss or damage suffered by any person or organisation (including, without limitation, any direct, indirect or consequential loss or damage) arising out of or in connection with the Services (including without limitation liability for any negligent act or omission, or statement, representation or misrepresentation of any officers, employees, agents, contractors or consultants of IDCARE) shall be limited to the fees paid by you to IDCARE in respect of the Services. For the avoidance of doubt, this limitation of liability extends to any liability arising from any actions performed or not performed as a result of any recommendations made in course of providing the Services.
  • The Services provided by IDCARE are intended to be provided solely to the initial recipient of this document or service and IDCARE will not be liable to any other person who may receive this document.

While every effort has been made to ensure the accuracy of the information in this alert, IDCARE disclaims any liability to any person in respect to any actions performed or not performed as a result of the contents of the the Services or any accompanying data provided. Wider dissemination may be permitted by authority in writing from IDCARE’s Managing Director. If you would like to provide feedback please use our Feedback Form.

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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 Case Managers to learn more about our Support Services and how we can help you.   
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