Cryptocurrency can be an exciting way to explore new investment opportunities and learn about financial independence. However, it can also attract scammers looking to exploit newcomers and those unfamiliar with how cryptocurrency or trading works. These bad actors often need just a little cooperation from their victims to mislead them into falling for a scam. Here are some tips, examples of the methods used and warning signs to watch out for when you start your cryptocurrency journey on VALR.
Educate yourself about cryptocurrency
Protecting yourself from fraud is super important, and a great way to start is by getting to know the basics of cryptocurrency, wallets, blockchains, and trading. VALR is here to help with resources on how to keep your VALR account safe and how to navigate our trading platform. Plus, there are plenty of trustworthy online sources that can help you learn more about cryptocurrency, how it all works, and the ins and outs of trading. If something feels off or seems too good to be true,trust your gut and take things slow. Your instincts can help you identify warning signs of fraud before it's too late.
Friendly fraudster
Be cautious about accepting help from strangers online, especially when setting up a personal wallet or opening your VALR or any exchange accounts, as it can seriously compromise your security and finances. Sometimes, bad actors might offer assistance and use screen sharing software to trick you or guide you in making transactions.
Even if they appear friendly, it's wise to be cautious and seek help for VALR only from trusted sources, such as our support team (help@valr.com), trusted family, or long-time friends, preferably in person. Scammers often request screenshots while assisting with account verification and may offer to answer questions for you.
Fake or misleading credentials
Be careful and a bit skeptical when people show credentials, images, or video testimonies to prove the success of investment opportunities or payouts, as these can be easily faked. Even if they show identity documents to prove they're legit, those documents might be stolen. Approach claims of investment success cautiously and reach out to VALR for help in verifying their authenticity if you're unsure.
Impersonation & phishing Scams
Keep an eye out for situations where someone might pretend to be reputable companies like VALR, our employees, your bank, or even famous personalities. Sometimes, even family members or friends could be impersonated if their social media accounts get hacked. Always use official VALR channels for communication, like customer support emails ending with "@valr.com" or our official social media accounts and partners.
Be cautious of any messages from other email addresses or social media profiles claiming to be VALR or affiliated with us, especially if they mention an investment or trading opportunity, fees owed, or profits. If the promised returns on your investment seem too good to be true, they probably are. For more information and examples about impersonation or phishing scams, please take a look here: https://support.valr.com/hc/en-us/articles/15599475789340-Impersonation-and-Phishing-Scams
Cryptocurrency Recovery Scams
If you have unfortunately become a victim of a scam, it is important to be aware that scammers often exploit this distressing experience to target you once more. They pretend to be a specialist company or entity who is able to investigate, recover or secure lost cryptocurrency, often using pressure tactics or misleading or obscure processes. They may try impersonate a legitimate recovery company, government department or entity to appear trustworthy and safe and use tactics like utilising fake reviews and convincing websites to seem credible.
Their ultimate goal is to make you pay multiple fees for pursuit, securing and recovery of lost cryptocurrency. However, the unfortunate reality is that recovering funds stolen through cryptocurrency scams is challenging due to cryptocurrencies decentralised nature. It requires coordination among various entities, law enforcement, and exchanges, which is often slow and difficult. Always approach any entity claiming to offer this service with caution and conduct thorough vetting.
Fake trading websites
Scammers set up realistic-looking but fake trading websites that lure people in with promises of high returns, often showing fake proof of profits supposedly made by other users. These sites show made-up profits through simulated trading, fake records and testimonials, tricking users into investing more money as their fake account balance increases. These websites might return a small amount to show they are trustworthy. Always check the credibility and legitimacy of any trading website carefully, and if you're unsure about a trading platform, get advice from VALR or other trusted sources.
Cryptocurrency trading scams
A cryptocurrency trading scam promises risk-free, unrealistic profits in a short time, exploiting the newness of cryptocurrency for deception. They offer vague trading schemes with no details, pushing "packages" and "specials" to create urgency. Scammers pose as successful traders on social media with fake profiles, photos, and testimonials, offering assistance in setting up accounts, or even pretending to work for VALR or with VALR. Once funds are sent, they fabricate profits and demand more payments for "taxes" or "fees”, draining victims' accounts. Legitimate investments don't ask for fees to release profits. Remember, if it sounds too good to be true, it probably is.
Report suspicious activity
If you notice anything unusual or think that someone might be trying to scam you regarding your VALR account or anything related to cryptocurrency, please let us know at help@valr.com. By reporting any fraudulent activity, you’re not just keeping yourself and your funds safe, but you’re also helping us all work together to fight against scams and keep the cryptocurrency world secure!