Send feedback QuitQuick quit Skip to content

Cryptocurrency scams, i.e., crypto scams

Cryptocurrencies have become popular investment object in recent years. They have also created a new form of fraud. On this page, we tell you what crypto scams are and how you can protect yourself from them.

Cryptocurrencies are virtual currencies independent from traditional currencies, i.e., digital money that works on the internet. To secure money transfers, complex mathematical methods are used.

Crypto scams are frauds where the complexity and obscurity of cryptocurrencies are used. In the scams, for example, fake investment opportunities or fake apps can be used.

Common crypto scams include:

  • Fake trading places, i.e., investment platforms: These are fake platforms that mimic legitimate investment services. They lure victims by promising big returns, but the fraudsters end up with the money.
  • Pyramid scams: The money of the new investors is paid to old investors creating an illusion of returns. The system collapses when there are no more new investors.

On the Investment frauds page we have compiled more information about investment fraud and practical advice for investment fraud victims and the victim’s relatives.

How to protect yourself from crypto scams?

In cryptocurrency scams, victims are often promised easy money, i.e., much better returns on investments than average.

Be thorough with the investment object: Carry out your own research on the investment object and its background. If you do not know or understand what you are about to invest in, you should take your time and carefully think it over again.

Check the background of the investment platform, i.e., the trading places: Ensure that the investment platform is reliable and has the necessary permits for the business.

Do not trust promises that sound too good: If the offer sounds too good to be true, it is likely a scam.

Information about investment fraud, instructions for victims of investment frauds and the victim’s friends and family, and information about organizations that offer help: Investment frauds

What to do if you suspect that you have fallen victim to a crypto scam 

Read more

Investment frauds
The services of Victim Support Finland