Avoiding Scams & Phishing


As with any financial product, it is your responsibility to ensure you are not putting yourself at risk for scams or phishing attacks. Scams and phishing attacks are common types of fraud that seek to deceive you and take control of your assets.

If you are using a self-custody Bitcoin wallet, anyone who has your private key has control of your funds. The same goes for your 12 word backup phrase, which is based on your private key. Either of these can give access to your cryptocurrency at any point, without a password or 2FA, never share them (even with us). Hackers may go so far as to even attempt to take control of your screen or monitor your keystrokes to get your private key or backup phrase.

When it comes to a hosted Bitcoin wallet like Blockchain.com Exchange, or the Blockchain.com Wallet, the most important way to protect yourself is by setting up 2FA and never sharing your secure login or password information with anyone.

Scams and Phishing attacks come in many forms in the crypto world. A list of some of the most common scams you should watch out for is as follows:

  • Impersonation — Someone may legitimately seem as if they are contacting you from Blockchain or another third party website you use.They may show you fake credentials, sign their email with our logo or otherwise claim to be an official representative. If you have any doubt, open a ticket in our Support Center to confirm the validity of a request.
  • Phishing Emails or Websites — Always be wary when receiving an email that was not prompted by you. If an email asks you to go to a website and reset your password, do not do it unless you have specifically requested this. These types of scams often result in a malicious third party recording your login details and stealing your funds.
  • Money Transfers / Deposits / Withdrawals — Never perform money transfers on behalf of another individual, either for them or by giving them your login details. Not only is this a potential violation of Money Laundering and Terrorist Financing regulations, but you are also putting your own funds at risk if you give someone access to your account.
  • Other types of scams and phishing attacks could include: mining ‘opportunities’, blackmail, fake exchanges, malware, and “pump and dump” schemes, offers to invest in non-existent businesses, etc.

Bitcoin is final and Bitcoin is global. This means that you need to be on your guard at all times when using it.

Avoiding Scams & Phishing was originally published in @blockchain on Medium, where people are continuing the conversation by highlighting and responding to this story.

Avoiding Scams & Phishing originally appeared on Medium.com

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