Scams

Crypto scams: the warning signs and what to do if you're targeted

CryptoSurge HQ · Updated 18 October 2026 · How we write

Crypto is popular with fraudsters because payments are fast, hard to reverse and can cross borders in minutes. Most crypto scams follow a few familiar patterns. Knowing them is the best protection you have.

Common types of crypto scam

Fake investment platforms. A slick website or app shows your balance growing. Small withdrawals may work at first to build trust. When you try to take out more, you are told to pay a "tax", "fee" or "unlock charge" first. The balance was never real.
Romance and friendship scams. Someone you meet on a dating app, social media or a wrong-number message builds a relationship over weeks, then introduces you to an "opportunity" they say has worked for them.
Impersonation. Messages or calls claiming to be from your bank, an exchange, a wallet company, the police or a well-known person. They may say your account is at risk and you must move your coins to a "safe" wallet.
Giveaways. Posts or videos, often using a celebrity's name or a deepfake, promising to send back more crypto than you send. Nobody gives away money this way.
Phishing and wallet drainers. Fake versions of real sites that ask you to sign a transaction or enter your recovery phrase. Signing can hand over permission to empty your wallet.
Recovery scams. After you have lost money, someone offers to get it back for an upfront fee. These are usually run by the same people, or people who bought your details.

Warning signs

Promises of high or guaranteed returns, or returns that seem to rise steadily whatever the market does.
Pressure to act quickly, keep it secret, or not to tell your bank why you are making a payment.
Contact you did not ask for, especially from someone you have never met in person.
Requests to install remote-access software or to share your screen.
Being asked for your recovery phrase or private key, for any reason.
A firm that is not on the FCA register, or one using a name similar to a real firm. The FCA keeps a warning list of unauthorised firms.
Having to pay a fee before you can withdraw your own money.

How to check before you pay

Search for the firm on the FCA's Financial Services Register and check the contact details there, not the ones the firm gave you.
Look the firm up on the FCA warning list through ScamSmart.
Talk to someone you trust who is not involved. Scammers rely on isolation.
If a message claims to be from your bank or exchange, hang up or close it and contact them using the number or app you already use.

If you think you've been scammed

Stop paying. Do not send more money to unlock a withdrawal or to a recovery service.
Contact your bank or card provider straight away if you paid from a bank account or card. The sooner they know, the better the chance of stopping payments.
Report it to the police through the UK's national fraud reporting service, and tell the exchange you used.
Secure your accounts. Change passwords, turn on two-factor authentication and remove any remote-access software. If your recovery phrase was exposed, move any remaining funds to a new wallet you set up yourself.
Keep records: messages, website addresses, wallet addresses and transaction IDs.

Be especially wary afterwards. People who have lost money are often targeted again by "recovery" firms, fake lawyers and people claiming to be investigators.

Sources and further reading

Not financial advice. This article is for general information and education only. It is not financial advice or a recommendation to buy, sell or hold any cryptoasset. Cryptoassets are high risk and largely unregulated in the UK: you could lose all the money you put in, and you are unlikely to be protected by the Financial Ombudsman Service or the FSCS.