Rising Tides - Unmasking the Surge in Cryptocurrency Phone Scams
tellows Insights Report
Richard Grant - Expert in Telecommunications and User Protection
Richard is responsible for tellows' Consumer Protection department and is responsible for investigating all matters relating to telephone fraud, with a particular focus on developments in the telecommunications sector. Last updated: Nov 11, 2023
Richard is responsible for tellows' Consumer Protection department and is responsible for investigating all matters relating to telephone fraud, with a particular focus on developments in the telecommunications sector. Last updated: Nov 11, 2023
In the dynamic world of cryptocurrency, a dark underbelly has emerged – a surge in scams targeting unsuspecting individuals through phone calls. This insight into cryptocurrency phone scams not only unveils the alarming statistics but also sheds light on the broader context of the burgeoning cryptocurrency market.
Categorizing Cryptocurrency Scam Calls
- The Blockchain Revolution.
- Trusted brokers and finance advisors.
- Proliferation of Trading Platforms.
- Most important scam numbers.
The Blockchain Revolution
As blockchain technology gains widespread acceptance, particularly in commercial sectors, the allure of cryptocurrencies continues to grow. The transparency and security offered by blockchain have positioned it as a game-changer, but not without it's shortcomings, with [87.5%] of reported cryptocurrency-related phone calls subject to scams exploiting the market's increasing complexity.-
Cryptocurrency calls with a Positive Rating:
tellows users submitted to 3 different phone numbers a total of 7 ratings.
| PhoneNumber | Ratings | Caller | Example | Score | 02071862600 | 3 | Swissquote Broker | I signed up for an account with Swissquote to invest in some cryptocurrency, and they called me with | 1 | 02825447780 | 2 | FPMarkets Brokers | Cryptocurrency broker calling about my crypto portfolio with them. | 1 | 02035449646 | 2 | Axi Brokers | I opened an account with Axi in UK to trade in cryptocurrency. They calling just to confirm the FYC | 1 |
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Trusted brokers and financial advisors
Trusted brokers and financial advisors play a pivotal role in navigating the volatile waters of the cryptocurrency industry. With their expertise, investors can make informed decisions, optimize profits, and engage in strategic day trading. These professionals provide valuable insights, market analysis, and risk management strategies, fostering a secure environment for cryptocurrency enthusiasts to thrive. Partnering with trustworthy advisors ensures a guided journey through the complexities of the market, empowering investors to capitalize on opportunities and navigate challenges with confidence.
These reputable cryptocurrency brokers and financial advisors, including Swissquote, FPMarkets, and Axi, are well-established in the industry. They offer a wide range of mobile phone services and products to meet the diverse needs of customers.
Some ways to identity a trusted broker, include:
- Verification Process
- Consistency in Information
- No Pressure Tactics
- Recognizable Contact Information
- License and Regulation
Proliferation of Trading Platforms:
The rise of cryptocurrency trading platforms has created both opportunities and risks. Scammers leverage the abundance of these platforms, making it challenging for users to discern between legitimate opportunities and fraudulent schemes. Tellows data reveals a [114%] increase over the last 10 years in reported scam calls related to trading platforms.Scammers Impersonating Cryptocurrency Trading Platforms
tellows users submitted to 48 different phone numbers a total of 344 ratings.
| PhoneNumber | Ratings | Caller | Example | Score | 02045772744 | 12 | Crypto Trading (Scam) | Saying my crypto account will be blocked. | 8 | +447742715964 | 14 | Crypto broker (spam | Man saying he's a broker for Bitcoin, offering to help setup an account to start trading. Very rando | 8 | +447718603114 | 22 | una furcia | They claim to be a Bitfinex exchange that deals with crypto trading. But they are not, they just wan | 9 | +447059714022 | 24 | Blockchain? | The caller was trying to convince me that I could make loads of money, all I need to do in register | 9 | +442034816295 | 5 | Crypto Investement scam | They said that they are brokers for my Bitcoin account. This was strange, I don't use a private brok | 8 |
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Tactics Employed by Cryptocurrency Scammers
Cryptocurrency scammers deploy a range of deceptive tactics, posing as legitimate entities to exploit unsuspecting individuals:- Impersonation of Cryptocurrency Providers: Scammers feign to be representatives of well-known cryptocurrency providers like Bitcoin, Ethereum, or others, aiming to extract sensitive account details.
- Fabricated Transaction Alerts and Account Problems: Scammers assert unauthorized transactions or immediate account issues, coercing victims into divulging sensitive information or returning calls, potentially compromising personal details.
- "Press 1" Deceptions: Automated voices or scammers manipulate victims into pressing specific phone buttons, leading to unintended consequences and security vulnerabilities.
- Bogus Rewards and Offers: Tempting victims with fictitious prizes, discounts, or exclusive cryptocurrency deals, scammers exploit urgency to induce impulsive decisions.
- SMS Phishing ("Smishing"): Scammers employ text messages resembling official notifications, claiming recipients must verify specific details. These messages often contain malicious links.
Cryptocurrency Phone Scam Protection
- Be cautious of unsolicited cryptocurrency calls; genuine providers rarely initiate such contact for sensitive information.
- Avoid sharing personal details or updating account information via email or text messages.
- Do not follow instructions from automated voices or press buttons as directed.
- Only share account information on the official cryptocurrency platform and avoid third-party websites.
- If in doubt, contact your cryptocurrency provider through official customer support channels; avoid returning calls to suspicious numbers.
- If you receive a call from an unknown or suspicious number, consider blocking the caller.
- Review tips from cryptocurrency providers on recognizing and handling scam calls; report such incidents to relevant authorities.
Utilizing tellows for Cryptocurrency Call Protection
- Verify unknown cryptocurrency-related numbers on tellows.co.uk to assess the legitimacy of the caller and the purpose of the call.
- Install and use tellows apps for iOS and Android to identify unknown calls in real-time and make informed decisions.