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How to Stay Safe from Scams?

Recently we have detected an increasing amount of scammers and fraudsters targeting virtual currency users by stealing personal account information. The most common cases that occur involve credit card information being stolen and used to buy bitcoin from our platform.


These can be avoided if you transact with caution and are aware of the signs of scams. In this article, we have outlined: 


  • some of the more common scam tactics used today so that you can identify them instantly. 
  • alongside these tactics are also some quick tips on how to protect your assets and stay safe.


!Please note: that when a scam occurs, Coinify is not held liable for any loss resulting from fraudulent transactions, as these are made with the consent of the card or bank account holder.


Phone scams

There are many signs that you are encountering a scam phone call. Below are some of the more common tactics scammers employ when targeting individuals via the phone:

  1. They may ask for sensitive data over the phone, such as card or bank information;

  2. They may ask for personal data over the phone, such as your social security number or passwords;

  3. A common scam tactic is when the scammers call to let you know that your computer’s security has been compromised or hacked. Note that most software companies like Microsoft DO NOT call individual customers in an incidence of a hack. They may also ask for remote access to your computer. Never let an unknown caller/party remote into your computer or install software in it;

  4. You may receive an SMS for verification codes that you need to accept via your phone from an activity you did not initiate;

  5. You are asked to purchase or pay for a subscription, additional service; or to renew a license, etc. directly on the phone.

While these tactics may be common, note that there may be many more ways where phone scams can occur, and crooks are always trying new ways to manipulate victims.

Please be wary if you happen to receive a phone call from someone claiming to be a member of the Coinify staff. If someone calls you claiming to be Coinify’s support hotline online, note that these are most likely fake. If you receive a call from Coinify or from another party that makes claims to a relationship with Coinify, it is vital that you take caution to not perform a transaction or share payment/personal information. Read more about phone scammers here. 

!Please note: The Coinify Support Team does NOT conduct phone support and we will never ask you for sensitive information via the phone!



Web/ SMS Scams/ Social Media (Phishing)

Phishing is much like a phone scam where it is also the attempt to obtain sensitive information such as usernames, passwords, credit card details, and funds–often for malicious reasons. Scammers obtain the information by setting up fake links, web pages or websites under the guise of legitimate platforms to lure you in with a sense of security.

Most phishing scams occur through email; emails with legitim looking links are sent, which in turn may redirect you to a fake website or a form–regardless, there will be something in the page element which will prompt you to fill in information, such as passwords or bank account details, that the scammers can then collect and use to their advantage. Note that the emails may or may not be related to Coinify!

Another way of phishing is via using SMS. Your phone or other personal mobile devices are easy targets as they are used to store massive amounts of data that can be hacked. SMS phishing is very similar to email phishing but instead of sending an email, scammers are sending SMS. The contents of the text message can be anything from an urgent message from your bank, an alert from Coinify, or a notification–all with links attached to click on.

!Please note: That Coinify does not text customers for alerts or updates! If you receive a text message from us, your bank, or any suspicious text in that matter, DO NOT click on the link and be sure to contact your bank or the party messaging you for confirmation. 

Phishing links may be detected through small anomalies in the link, such as a subtly misspelt domain name or some other minute mistakes. For example, rather than being redirected to coinify.com, you could be sent to coinlfy.com, coinify.net, etc. We have in the past, encountered other websites using the Coinify name as a domain that misled some of our customers.

!Please Note: That the only domain Coinify operates on is coinify.com.

Phishing can also be done through Social Media. Similarly to email and SMS phishing scammers send links and ask to click on them so that they can collect your personal and payment information.

It is important to remember that Coinify uses its social media channels only to share news about our services and products and articles related to the application of blockchain technology in diverse areas or virtual currency in general.

!Please note: Coinify DOES NOT engage in customer support via social media and we do not have designated support pages or representatives for our social channels. Furthermore, we will NEVER send you a personal message via social media for support, alerts, or updates.

All social media correspondence is from our pages as listed below:

Facebook:   https://www.facebook.com/coinify/

LinkedIn:     https://www.linkedin.com/company/coinify/

Twitter:        https://twitter.com/coinify & https://twitter.com/CoinifyStatus

Newsroom: https://news.coinify.com/

What to Do If You Think You Have Been Scammed

If you notice any unusual bank activity or transactions linked to Coinify that you did not make or consent to; OR you have lost funds via Coinify unknowingly through fraudulent activity, you should first contact your bank. Your bank may be able to help you better by confirming is a fraudulent transaction did indeed occur and can help you take the first steps of preventing further damage, such as blocking your card to avoid further purchases from us. Next, after you have discussed the case with your bank, please alert us at our help centre.


!Please Note: Coinify is just an intermediary for cryptocurrency transactions. We try to make our service as secure as possible and assess each transaction through our card payment processor’s risk engine. The risk engine conducts security checks through a series of automatic evaluations that accepts or rejects transactions based on calculated assessments. Ultimately, it relies on the cardholder giving sensitive information and consent or validating a transaction. Thus, a fraudulent transaction may be able to be processed because of credible information scammers have managed to collect from their victims.


Therefore, please follow the recommendations listed above and never give sensitive information to anyone before having double checked if they are indeed from the service they claim to be. An easy way to check this is to contact the company's customer support. 

Remember that scammers often succeed because people give out easily sensitive information. This is often the case with the scams we have experienced related to Coinify and as the transactions could have only been conducted with the consent of the card owner  i.e. when the card owner has given the information needed to complete a transaction himself when asked, we do not hold liability over the losses incurred from any scams.

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Published Date = 14/05/2018
Last Updated Date = 22/03/2019
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