FRAUD WARNING

Protecting Yourself from Cryptocurrency Scams: A Guide for Our Clients

At Alteway, we prioritize your security and want to ensure you’re well-informed about the risks associated with cryptocurrency. Cryptocurrency transactions, by nature, are irreversible, which makes security awareness essential. While we strive to offer a secure platform for your crypto needs, it is crucial to stay alert to potential scams that are becoming increasingly sophisticated. Below is an overview of common cryptocurrency scam tactics and ways to avoid them.

For an informative visual summary of common crypto scams, visit the Europol infographic on cryptocurrency scams here (click to open).

Common Cryptocurrency Scam Types and Warning Signs

1. 1. Phishing Scams
   • Description: Scammers often impersonate companies or trusted entities through emails, fake websites, or social media, prompting users to provide sensitive information or log in to a fake account.
   • Signs to Watch For: Be cautious of unexpected messages, especially those urging you to click on links or log in to accounts. Look for slight misspellings in URLs or suspicious email addresses that do not align with official company contact information.
2. 2. Investment Scams
   • Description: Scammers promise high returns on “guaranteed” cryptocurrency investments, often through social media or websites that appear legitimate. They may even impersonate famous personalities or cryptocurrency influencers to gain trust.
   • Signs to Watch For: Be wary of any investment that seems too good to be true, or if you are pressured to “act now” to avoid missing out on high returns. Legitimate investment opportunities never come with guaranteed returns or urgent demands.
3. 3. Fake Customer Support or Tech Support Scams
   • Description: Scammers pose as customer service representatives for well-known cryptocurrency companies or wallets. They often contact you via email or social media, claiming that there is an issue with your account.
   • Signs to Watch For: Legitimate customer support representatives will never ask for sensitive information like passwords or private keys. Always verify any support contacts by checking the official website.
4. 4. Ponzi and Pyramid Schemes
   • Description: Ponzi schemes promise consistent returns on investments by paying earlier investors with the funds from new investors, rather than legitimate profits. They collapse when the new investments can’t cover the payouts to previous investors.
   • Signs to Watch For: Be cautious of any program that promises high returns with little or no risk, or that requires you to bring in new members to earn commissions.
5. 5. Romance Scams
   • Description: Scammers build personal relationships with their victims online, often on social media or dating platforms, and then persuade them to invest in fake cryptocurrency opportunities or send cryptocurrency directly.
   • Signs to Watch For: If someone you’ve only met online begins asking for money or encourages you to invest in a specific cryptocurrency opportunity, take this as a red flag.
6. 6. Impersonation Scams
   • Description: Scammers pose as Alteway employees or other legitimate organizations and reach out to clients, requesting funds or information.
   • Signs to Watch For: Our team will never contact you to ask for sensitive information such as passwords, private keys, or to send funds. Always contact us directly through our official website to verify any communication.
7. 7. Fake Initial Coin Offerings (ICOs) and New Cryptocurrencies
   • Description: Fraudsters launch fake ICOs or new coins, promising that they will be the next big investment. They may create convincing websites and whitepapers to appear legitimate.
   • Signs to Watch For: Research thoroughly before investing in new ICOs or cryptocurrencies. Verify the credibility of the development team, check for reviews from reliable sources, and avoid “exclusive” investment deals.
8. 8. Malware Scams
   • Description: Malware (malicious software) is used to compromise your computer or smartphone, giving scammers access to sensitive information. This malware can be hidden in fake wallet apps, ads, or links.
   • Signs to Watch For: Only download apps and software from trusted sources. Be careful about clicking on unfamiliar links, especially those in emails or messages from unknown senders.

How to Protect Yourself from Scams

Secure Your Private Keys: Never share your private keys, passwords, or account details with anyone. Your private key is the most sensitive information in your crypto wallet and should be kept secure.

Verify All Communications: Any legitimate communication from Alteway will come through our official channels. If in doubt, contact us directly.

Stay Informed and Vigilant: Cryptocurrency scams evolve quickly. Keep up with the latest security tips, and regularly review this page for updates.

Double-Check Links and URLs: Only visit our official website and trusted cryptocurrency exchanges. Bookmark these pages for safety and avoid clicking on links sent in emails or messages.

Important Notice: Our Responsibility

Alteway works to provide a safe environment for transactions and adheres to strict security protocols. However, we do not assume responsibility for any losses due to scams or fraudulent activities. As cryptocurrencies are decentralized and transactions irreversible, the responsibility to secure your funds and avoid scams ultimately lies with you, the account holder.

Stay Safe, Stay Informed

Cryptocurrency brings new opportunities and risks. By understanding and recognizing these scams, you can protect your assets and have a safer experience in the digital currency world. Should you have any concerns or questions about secure transactions, please feel free to contact us through our official support channels.