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Vigilance against Scams and Manipulation risks
Bitcoin scams and other crypto-assets are common on the web and social media, despite the vigilance and warnings from market players and regulators such as the French Financial Markets Authority.
Why this invitation to caution?
Crypto-assets attract scammers who use the same techniques as in other areas: false promises, psychological manipulation, phishing, identity theft, etc. The revolutionary properties of Bitcoin and crypto in transfers are also at the core of scammers' interest: it's fast, international, decentralized, and irreversible.
If you're not comfortable with crypto-assets, which carry specific risks due to their technology and nature, don't invest and prefer other investments. We regret seeing people rush to buy crypto without taking the time to learn and understand the underlying technologies. We advise buyers to ensure they understand the basics of these technologies and how they work. This precaution is important because scammers primarily target the least experienced and most vulnerable.
Coinhouse offers a section dedicated to educating users about these assets on our website.
How to identify scams?
Be cautious and try to spot abnormal signals. At the slightest doubt, do not carry out the operation. Here is a list of signs that should raise your alert:
- Unsolicited contact: Suspicious operators contacting you about crypto investment or trading via social media (TikTok, Snap, Instagram, etc.) or messaging services (WhatsApp, Telegram, Signal, etc.) without you knowing them or having solicited them.
- Suspicious communications: Emails or SMS received from crypto platforms you don't know or whose sender's exact address is suspicious because it doesn't resemble the company's official address.
- Unrealistic promises: Promises of astronomical returns on investment (fixed return promises are unrealistic).
- False guarantees: Guarantees that you won't lose money, in other words, "you risk nothing".
- Lack of transparency: Very little information about your contact (company, founder, etc.).
- Tip: If a contact claims to be an employee of a crypto company (e.g., Coinhouse), check that their email address is from the said company, and verify that their phone number matches the one listed on the company's website. In case of doubt, contact the company through the channel listed on their official website to confirm.
- Telemarketing: Currently prohibited in Europe, except for authorized entities listed on the Financial Markets Authority website.
- Creating a sense of urgency: Statements like "buy/sell now, or the prices will rise quickly and you will miss out".
- Account hijacking & remote control: The suspicious operator asks you to create an account on a legitimate platform like Coinhouse and then requests you to provide your login details so they can manage your account on your behalf; or they attempt to remotely control your computer to fix a technical issue.
- Suspicious deposit requests: A request from an operator or company asking you to send crypto to a wallet address they provide for a high-return investment.
- Offshore bank transfers: Requests for bank transfers to accounts outside of France and especially to tax havens (Malta, Cyprus, Gibraltar) or Eastern European countries.
How to best protect yourself against scams?
- Verify official sources: Get information from the official website of the platform, such as Coinhouse (
[www.coinhouse.com](https://www.coinhouse.com)), and contact us if in doubt by following the instructions on the official site. - Check official lists: Check thewhitelist of registered/authorized actors by the Financial Markets Authority andthe blacklist of unauthorized platforms.
- Beware of phishing: Do not click on suspicious emails or links. Be cautious of phishing attempts, emails asking for your login details, or suspicious SMS. Verify the sender's addresses and question the legitimacy of unsolicited communications.
- Research reviews: Search for reviews about the service on Google.
- Exercise caution with ICOs: Be cautious of ICOs, especially new crypto projects promoted by influencers on social media or obscure communities. (Coinhouse has written an article about the biggest scams).
- Check regulatory references: Verify the location of the headquarters and bank.
- Protect sensitive data: Never give out your credit card number or login credentials over the phone.
- Stay skeptical: Do not blindly trust your contacts or influencers on social media (they are excellent manipulators).
Good to know: For fraud alerts, you can contact public services via the Public Directory.
What is Coinhouse's role in these scams?
Since 2014, and historically with Maison du Bitcoin, we have been committed to sharing our passion and knowledge of crypto-assets while advocating for the virtuous and responsible development of the ecosystem. In this regard, we are founding members of the ADAN, the leading professional association in our sector.
We will continue to:
- Work with financial authorities such as the AMF and ACPR on the regulation of crypto-assets in France and the implementation of best practices.
- Share best practices within market associations.
- Respond to our clients' requests daily with a smile.
If you have any further questions, we are at your disposal !
Monday to Friday : from 9:30 to 12:30 and 13:30 to 18:00.
Contact us by phone 👉 +33 1 82 88 29 51