Avoid Scams and Phishing. As with any financial product, it is… | by Blockchain.com | @blockchain | Dec, 2020


As with any financial product, it is your responsibility to ensure that you do not risk yourself for scams or phishing attacks. Phishing scams and attacks are common types of fraud that try to fool you and take control of your assets.

If you use a self-contained Bitcoin wallet, anyone with your private key has control of your funds. The same goes for your 12-word backup phrase, which is based on your private key. Either of these can provide access to your cryptocurrency at any time, without a password or 2FA, never share them (even with us). Hackers may even go as far as trying to take control of your screen or monitoring your hits to get your private key or phrase back up.

When it comes to a hosted Bitcoin wallet like Blockchain.com Exchange, or the Blockchain.com Wallet, the most important way to protect yourself is by setting up 2FA and never sharing your secure login or password information with anyone.

Phishing scams and attacks take many forms in the crypto world. A list of some of the most common scams you should watch out for is as follows:

  • Imitation – Someone may legitimately appear to be contacting you from Blockchain or another third-party site you are using. They can show you fake references, sign their email with our logo or otherwise claim to be an official representative. If in doubt, please open a ticket at our Help Center to confirm the validity of an application.
  • Phishing Emails or Websites – Always be vigilant when receiving email that you have not been prompted by. If an email asks you to go to a website and reset your password, don’t do it unless you have specifically requested this. These types of scams often result in a malicious third party logging in your login details and stealing your funds.
  • Cash Transfers / Deposits / Withdrawals – Never carry out money transfers on behalf of another person, either for them or by giving them your login details. Not only is this a potential violation of Money Laundering and Terrorist Financing regulations, but you are also putting your own funds at risk if you give someone access to your account.
  • Other types of scams and phishing attacks could include: mining ‘opportunities’, blackmail, fake exchanges, malicious software, and “pump and dump” schemes, proposals to invest in non-existent businesses, etc.

Bitcoin is finite and Bitcoin is global. This means you need to be vigilant at all times when using it.