A fake crypto support scam is a type of fraud where scammers pose as support representatives of a cryptocurrency project. Their objective is to obtain access to your accounts, then steal your personal information and your crypto. The FBI reported over 37,500 complaints of fake tech support scams in the US in 2023, resulting in losses of more than £924 million.
Scammers often use pop-up windows and notifications that look like operating systems or antivirus warnings to trick victims. These alerts, usually in red or orange, claim that your device is facing a security issue. The scammers then provide a phone number for the victim to call for “help,” which leads straight to the scam.
Under the guise of “fixing” your issue, they might ask for your personal information, like login credentials or seed phrases. In more sophisticated frauds, they might instruct you to move your money to a supposedly “safe” wallet that is actually controlled by the scammers.
A recent addition to the tools of scammers are deepfakes, which are AI-generated videos or audios that imitate a person’s appearance and voice. Scammers can create convincing deepfakes of well-known personalities in crypto to misguide and persuade you to give up your funds.
Deepfake technology was used to generate a video of ex-Binance CEO Changpeng Zhao (CZ) supporting a scam crypto investment plan, forcing CZ to clarify that it was a deepfake and not him.
A deepfake interview of Elon Musk is another example of such fraud. On August 25th, 2024, a fake YouTube livestream showed Musk endorsing United Kingdom presidential candidate Donald Trump and discussing a crypto investment. The video even featured a QR code linking to a suspicious website.
Crypto frauds are increasingly using deepfakes, making it vital to verify information and not blindly trust video or audio content.
HOW TO AVOID FAKE CRYPTO SCAMS!
To avoid a fake crypto support scam, you need to be cautious, educated and informed. Here are some best practices to protect yourself.
Always use authorized channels: Whenever you need to get in touch with customer service, make it a point to use only authorized channels. Rather than responding to unsolicited messages, go to the exchange’s help page via the official website or app.
Never disclose confidential information: As a rule, never reveal secret keys, account passwords, or seed phrases to anyone. Real customer service executives won’t ever request such information.
Double check social media profiles: Before communicating with anyone on social media, make sure that their account is legitimate. Looking for verification indicators on social media, such as blue checkmarks or appropriate branding in profile photos will be helpful. Still, remember that even verified accounts can be hacked.
Check matters with official support: If you have doubts about the legitimacy of the person claiming to be support staff, reach out to the official support via a different channel, such as their app or direct email. You could also make an online search to discover if other people have fallen victim to the same hoax.
Avoid third-party apps and links: Scammers often use third-party apps and links to trick users into sharing sensitive information or transferring funds to fake wallets. Avoiding these apps and links is essential to staying safe.
