Crypto fraud
Don't be fooled
Scammers try to persuade you to invest in cryptocurrencies like bitcoin, using videos by influencers, adverts featuring well-known Dutch people and even dating sites. They promise that you'll earn a lot of money in a short space of time. And that's often a sign that you're dealing with scammers. Find out how to protect yourself and your money from crypto fraud.
What is crypto fraud?
The world of cryptocurrency is an attractive environment for scammers. By promising quick riches, they exploit investors' enthusiasm and vulnerabilities. They often get your personal details through data breaches and might then send you an email saying: 'You’ve still got 3 bitcoins. Take action now'. Or you might have unwittingly responded to a fake advert. A so-called 'financial adviser' will then get in touch with you, offering to help you buy cryptocurrencies or set up a crypto wallet and telling you you'll make a substantial profit on your first deposit. You won't really, of course, but that’s how they persuade you to invest even more. In the end, your money's gone and that helpful adviser is nowhere to be found.
Tips on how to protect yourself and avoid crypto fraud
Crypto fraud is a rapidly growing problem that is difficult to detect and prosecute. Be especially careful if you're starting to invest in cryptocurrencies and don't know much about them yet.
- If you need a crypto wallet, always set one up yourself. And never share your crypto wallet or account login details with anyone else.
- Choose well-known, reliable crypto platforms and check whether the crypto company is listed on the Dutch Authority for the Financial Markets’ (AFM) register or warning list (in Dutch).
- If time's running out and you need to invest quickly, don't give in to pressure and always check first whether the crypto provider is trustworthy by reading reviews on various websites.
- If someone offers their help without you asking them to, simply refuse. Don't let anyone look over your shoulder and don't pay for advice or start-up costs without thinking things through.
- Be especially vigilant if you're asked to transfer money to a foreign bank account.
- If you've lost a lot of money and are told you can get your investment back by paying high transaction fees, be wary of companies that make this claim. It could be a ploy by scammers to swindle you out of even more money.
Be sure to check the warning list published by IOSCO, the global organisation of regulators >>
What to do if you fall victim
- Report it to the police and always notify us about the fraud.
- Gather evidence: keep all documents and letters you've received from the scammer(s) safe. All of this can serve as evidence.
- Inform the authorities: report the fraud to financial and consumer protection authorities like the Dutch Authority for the Financial Markets (AFM) or the Fraud Help Desk.
- If you'd like to talk to other people who've been affected by scams, Victim Support Netherlands has an online support group (in Dutch).
