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Tips to Identify Scams
Tips to Identify Scams

How to spot common cryptocurrency scams

Ouriel Ohayon avatar
Written by Ouriel Ohayon
Updated over a week ago

If you think you may have encountered a scam, you should contact your local law enforcement agency. You can also contact us in customer support if you have any general questions about this topic and we will do our best to help.

Read this first to get familiar with how scammers operate

Below are a few examples of popular scams, but a scam can take any shape or form. Since crypto transactions are non-reversible once confirmed on a blockchain, it's important to make sure that you know and trust the recipient when sending your funds to a 3rd party.

Impersonation Scams

Zengo will never ask you to send funds to an account owned by us, and we will never offer financial advice. Scam artists may try to impersonate Zengo and its brand in an attempt to have you send them funds.

  • Zengo only communicates through our official channels on our Twitter, Facebook, Website, and Telegram.

  • Currently known websites that are conducting scams using Zengo's name include and There may be others using different links or names including "zengo" in them.

Investment Scams

Investment scams usually include individuals or companies offering high returns with little or no risk to you. These scams can often be found online, including on social media and dating sites.

  • Don't send funds to an advisor or money manager that you do not know, trust, and that you have researched - including researching the company, reviews, and consumer reports.

  • Avoid sending money to 3rd parties you met online, including on:

    • Facebook

    • Instagram

    • TikTok

    • Tinder

    • Grinder

    • Bumble

    • Reddit

    • YouTube

    • ...and more

  • Scammers sometimes leave positive reviews on mobile app stores or youtube video or Trustpilot pages presenting an investment opportunity or miraculous ways to recover lost funds.

  • Use caution when websites offer "passive income", or if alleged money managers ask for "fees" to release your money.

  • There are no “guaranteed returns”, and if it sounds too good to be true, it probably is.

Giveaway scams

In a giveaway scam, scammers will offer to send you a digital item (often known as airdrops), or multiply your funds if you send crypto or money to their address. This can even come from a hacked account of well-known public figures.

  • Don't send funds to anyone in hopes of receiving anything in return.

QR and paper wallet scams

In a QR or paper wallet scam, scammers will exploit users looking to generate QR codes and paper wallets by feeding you an address or private key that belongs to them.

When generating a QR code or paper wallet, make sure that:

  • You have researched and trust the website generating the code or wallet.

  • You tested the code that led to your address and tested the address with a small sum before sending large sums.

Important takeaways

1. Don't be in a hurry to spend your money – if someone is urging you to spend your money, slow down. This is a red flag.

2. Guaranteed, risk-free returns don't exist. If someone offers you this, it is probably a scam.

3. Always make sure that you know and trust the recipient of your funds.

4. If you have any doubts, don’t hesitate to contact us at Customer Support and ask!

*While Zengo is here to provide general help and guidance on the topic of avoiding scams, we are not liable or responsible for funds that you send to a 3rd party. Sending funds from Zengo to a 3rd party is strictly at your own risk.

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