How to spot a crypto scam before it costs you

Most crypto scams don’t rely on clever technology. They rely on pressure. The safest habit is to treat any request for crypto, remote access, seed phrases or urgent account action as suspicious until you have verified it independently.

The warning signs

Be wary of guaranteed returns, time-limited investment opportunities, or anyone asking you to keep a payment secret. A caller or message claiming to be support and asking for a password, authenticator code, seed phrase or screen sharing is a red flag.

Watch for a new wallet address sent through social media, chat or email after you have already received order instructions, and for recovery services that demand an upfront crypto payment. Romance, impersonation and job schemes that tell you to buy crypto for someone else follow the same pattern.

“Flow will never need your seed phrase or private key to process an order or provide support.”

Protect your wallet

Store your seed phrase offline and never type it into a support form. Use device security, unique passwords and multi-factor authentication where available, and verify addresses on your wallet device or trusted app before approving a transfer.

If you think you’ve been targeted

Stop communicating with the suspected scammer and don’t send more funds. Secure your email, Flow account, devices and wallet from a trusted device.

Report it promptly to Flow support and to your bank or wallet provider. Blockchain transactions may not be stoppable once broadcast, but early reporting can still protect your remaining accounts and evidence.

This article is general information only and is not financial advice. Crypto-assets can be volatile, and blockchain transfers are generally irreversible.

Eli Hylands

Eli is the founder of Flow Crypto and editor of Flow News, covering crypto for New Zealanders.