Spotting the warning signs of cryptocurrency fraud

A practical guide for HubCage readers, written from everyday experience.

Digital currency transfers are hard to reverse, which makes them attractive to fraudsters. Typical warning signs include a stranger met online who steers the conversation towards investing, promises of fixed high returns, pressure to act quickly and requests to pay a government fee or bill in digital currency. Legitimate organisations do not demand payment this way.

Be wary of websites and apps that show impressive gains but make withdrawals difficult, and of anyone who offers to recover money already lost in exchange for a fee. Take time to research any platform independently, talk the decision through with someone you trust and report suspected fraud to the consumer protection authority in your country as soon as possible.