This guide outlines some of the most frequent scam types and the red flags to watch out for.
Common Scam Types
1. Phishing Scams (Fake Websites and Emails) This is one of the most common methods. Scammers create websites, emails, or direct messages that look nearly identical to those from a legitimate company. Their goal is to trick you into entering your personal information, financial details, or even your wallet's seed phrase.
A popular version of this is a Marketplace Scam. For example, a "buyer" on a platform like Etsy, Facebook Marketplace, or a similar site will ask you to complete some kind of verification to receive the payment for the item you are selling on the platform.
They will then send you a link to a fake (but professional-looking), payment page or verification page that looks like the original site (but with a different url, as example the link you to vvert.io, instead of the real wert.io) to steal your card details.
2. Impersonation Scams (Fake Support Staff) Scammers will often pretend to be support agents from a company you use. They will join public discussion forums (like Telegram, Discord, or X) and look for users asking for help. They will then contact you directly, offer assistance, and eventually try to convince you to give them your seed phrase or direct you to a malicious website that will drain your wallet.
3. Giveaway or "Get Rich Quick" Scams These scams promise unrealistic returns. A common example is a social media post or direct message claiming that if you send 1 ETH to a specific address, you will receive 2 ETH back. These are always scams designed to steal the funds you send.
Key Red Flags to Watch For
Learning to recognize these warning signs is your best defense. Be suspicious if you encounter:
A Sense of Urgency: Scammers will pressure you with messages like "Act now before the offer expires!" or "Your account will be suspended if you don't verify." They want you to act before you have time to think.
Moving Off-Platform: A seller or contact wanting to move the conversation from a legitimate marketplace to a private chat like WhatsApp or Telegram is a major red flag.
Offers That Are Too Good to Be True: If a deal, discount, or giveaway seems unbelievably good, it is almost certainly a scam.
Unsolicited Contact from "Support": Legitimate support agents will rarely contact you first via a direct message on social media. Always initiate contact through the company's official website.
Suspicious Links and Senders: Before clicking, always hover over a link to see the real URL. Check email sender addresses carefully for small misspellings (e.g.,
[email protected]instead of[email protected]).Requests for Your Seed Phrase or Password: This is the ultimate red flag. No legitimate company or service will ever ask for your seed phrase, private key, or passwords.
The Golden Rules of Crypto Security
Never, ever share your seed phrase or private keys. They are for your eyes only.
If it sounds too good to be true, it is.
Always verify. Triple-check website URLs and contact addresses before acting.
Trust your instincts. If something feels wrong or suspicious, it is better to be safe and walk away.