Crypto means greater ownership of your digital assets, and with that comes even greater responsibility. If you send your crypto to a scammer, it's highly unlikely you can recover it. According to the NCA’s 2025 State of Crypto Holders Report, most holders report a positive experience with digital assets—but security is still top of mind. Protecting yourself starts with recognizing common scams, and, most importantly, practicing smart online habits.
Here’s what you need to know to stay safe.
Common Crypto Scams to Watch For
A properly secured wallet gives your crypto a solid defense. But, just like an online bank account, staying safe also requires smart day‑to‑day habits. Below are the most common financial scams to watch for so you can keep your assets protected.
1. Pig Butchering
Fraudsters build trust with victims over weeks or months by pretending to be a romantic interest or friend, before pressuring the user to send money or crypto. These schemes can be super convincing and play on people’s emotions or sometimes come with polished fake websites and apps that appear legit, encouraging bigger investments) before a final "slaughter.” It sounds awful because it is.
2. Pump and Dump Schemes
These scams are as old as the stock market and again, crypto is not spared when it comes to these scams. In crypto they may be called “rug-pulls.” Groups inflate the price of a lesser known crypto coins by hyping it online. When enough buyers join in and spike the price, organizers quickly sell their holdings for a profit— leaving others in the dust and holding worthless tokens. These scams often spread through private channels (WhatsApp, Signal, etc.) and are fueled by a false sense of urgency to “get in early,” which leaves participants with no time to thoroughly research. Before you buy, research. Don’t rely on speculation and gamble to advance your personal financial goals. If it seems too good to be true, it probably is.
3. Crypto Giveaways
Scammers impersonate public figures promising "free" crypto if users send a small amount first. To be convincing, these fake giveaways often use real logos, stolen videos, and manipulated deepfakes (hyper-realistic fake videos or images generated by AI to mimic real people). Some scams even run paid social media ads pointing victims to professional-looking fake websites. If someone asks you to send crypto in order to receive crypto, it’s always a scam—there’s no legitimate giveaway that works this way. No one will ever give you 2 (or more) for 1!
4. Impersonation
Fraudsters pose as companies, government officials or trusted brands, using fake emails, phone calls or websites to demand crypto payments. Some may claim there’s fraud on your account, while others offer fake crypto-related job opportunities. For crypto, someone may pretend to be contacting you from your exchange. Scammers increasingly use deepfake videos to impersonate executives and create a false sense of trust, making it even harder to catch an imposter in the act.
5. Phishing
Phishing messages are almost as old as the internet itself. They’re designed to steal your private keys, passwords, or personal information. They may appear to come from your wallet provider, a crypto exchange or even a friend, and ask you to click a link or share login details. Don’t do it! Always type official URLs directly into your browser and double-check site addresses before logging in, sharing passwords or sending funds.
How to Protect Yourself
With so many scams, it can feel a little spooky out there whether you are logging into your bank account or your crypto wallet. But with good habits in place, your chance of falling for them is very low. Here’s a quick, practical guide to help you move forward confidently in your crypto journey.
Guard your private keys and recovery phrase. Your private key = full access to your crypto. No legitimate company will ever ask for your private key or recovery phrase. So treat it like a master password, make physical backups in secure locations, and never share it.
Verify information directly / only interact with trusted sources. Don’t click links from random emails, texts or social media posts. Instead, go straight to the company’s official website or social media.
Be wary of urgency or pressure tactics. Scammers create a false sense of urgency to rush you into making mistakes. Real financial opportunities don’t require instant decisions. Take your time.
Watch out for deepfakes, fake websites and scam ads. Modern scams are sophisticated and can appear real at first glance. Always double-check news, giveaways, or investment offers through multiple trusted sources before doing anything. Remember if it seems too good to be true, it probably is.
Pay attention to small signs of fraud. Check the details. Weird looking email addresses from the sender, sloppy spelling and grammar or odd logos can tip you off to a scam. Hype is enticing—but jargon like “guaranteed profits,” “double your crypto instantly” or “free giveaways” are almost always scams.
Double-check every transaction. This is a non-negotiable habit. Before you send crypto, verify the wallet address, network and amount. Crypto transactions are final and mistakes or fraud can’t be reversed.
Research before you invest or send funds. Like you would with any major financial decision, do your homework before taking action. Look up companies, projects and individuals involved with the cryptocurrency online. One tip is to add terms like "complaint," "review," or even "scam," after the company name or individual to see what others may be saying about them.
Final Thoughts
Fraudsters will always evolve and crypto scams will keep evolving as well—but with good habits our ability to spot them will evolve too. Good habits, like guarding your private keys, verifying everything independently, taking all “too good to be true” offers with a grain of salt, and of course, never rushing into financial decisions. By staying informed and practicing these smart security tips, you can enjoy the benefits of crypto, all while keeping your assets protected.
Here at the NCA, we encourage everyone to keep learning, stay alert, and help build a safer crypto future.