Protect yourself from crypto scams

Protect yourself from crypto scams

Santander sent out a really useful e-mail a couple of days ago which explains all about crypto scams so I have posted the e-mail just as it came to me.

Cryptocurrency and crypto-assets have become popular over the last few years. We want you to understand the potential risks, to help you protect your money from fraud and scams.
What is a cryptocurrency scam?
It's a type of investment scam. Criminals steal money from people hoping to invest in digital currencies.
Cryptocurrency is accessible to everyone and with any budget. Which means anyone can fall victim.
How can you protect yourself from fraud and scams?
Cryptocurrency is not a regulated product, and so isn't protected by the Financial Ombudsman Service or Financial Services Compensation Scheme. It might be a good idea to use a regulated firm when buying cryptocurrency, but your protection is limited if things go wrong.
Never allow anyone to set up a cryptocurrency wallet, upload ID documents or manage investments remotely on your behalf.
If you're considering investing, thoroughly research the company first and consider getting independent advice.
Avoid unsolicited investment offers on social media or over the phone. A celebrity endorsement doesn't mean it's real.
Don't fall for pressurised sales with limited timescales and promises of too-good-to-be-true returns.
Use FCA ScamSmart to check it out. It's an online tool to help you identify whether your investment is a scam. Answer four questions with drop downs for multiple choice and get a clear picture of the potential risks.
To learn more about protecting yourself against cryptocurrency scams, visit the FCA website and check out our website's spotting fraud and scams section. You can also visit Take Five, a national campaign offering impartial, straightforward advice.

Links that they mention

FCA website - https://www.fca.org.uk/investsmart information about investing money.
Take Five - https://www.takefive-stopfraud.org.uk/

Santander - https://www.santander.co.uk/personal/support/fraud-and-security/spotting-fraud-or-scams website giving information on how to spot a scam.

If in doubt of any link type it in yourself or hover over any link and if in firefox it will display the link bottom right hand side so you can check it there as well.

#scams, #CyberProtect