Cryptocurrency fraud: spot scams, protect your coins

Crypto is exciting, but it also attracts fraud. On this tag page you'll find stories and guides that explain common scams, real cases, and simple steps to keep your money safe. Read short news pieces, match them to scam types, and learn what to do fast if something goes wrong.

Common cryptocurrency scams to watch

Phishing messages and fake apps are everywhere. Scammers copy exchange websites or Instagram pages and push you to log in — that steals your keys. Rug pulls are popular in token launches: developers build hype, list a token, then pull liquidity and vanish. Ponzi and yield-farming traps promise huge returns and collapse when new money stops flowing. Social engineering—someone posing as support or a celebrity—can trick you into sending crypto. Scammers also use fake recovery services: they promise to get your funds back, but first ask for fees or your seed phrase. In Africa, watch out for WhatsApp and mobile money variants that add a local layer to these scams.

Practical steps: protect your crypto and report fraud

Start with simple habits. Never share your seed phrase or private keys. Use a hardware wallet for long-term holdings and enable two-factor authentication (2FA) on all accounts. Check website domains carefully—one wrong letter can mean a fake site. Before investing, verify the team: search LinkedIn, Twitter, and reputable forums. Do a small test transfer before moving a large amount. When using a new token, check the contract address on a block explorer and read audits, but remember audits aren't a guarantee.

If you suspect fraud, act fast. Freeze or close linked bank cards and contact your exchange immediately with transaction IDs and screenshots. Collect evidence: wallet addresses, transaction hashes, emails, chat logs, and screenshots. Report the case to local police (for example, South Africa’s SAPS) and your national regulator — in South Africa, the FSCA; in Nigeria, the SEC. If the scam crosses borders, report to international cybercrime units or Interpol through your local police.

Avoid recovery services that ask for access to your wallet or upfront fees. Those are often scams within scams. Instead, post clear warnings on the platform where the scam appeared and tag relevant moderators so others don’t fall for the same trick. Consider contacting reputable blockchain analysis firms if large sums are involved; they can sometimes trace funds and help law enforcement.

This tag brings news and practical guides about cryptocurrency fraud across Africa. Bookmark it, follow trusted stories, and use the tips here whenever you trade or invest. A few careful steps can keep your crypto safe and make it much harder for scammers to succeed.