BlockChain and cryptocurrecy by its very nature is decentralised and therefor not governed by a central body. This makes reversing transactions almost impossible as there is no central control of the BlockChain. Bitcoin and other cryptocurrecy transactions should be treated like cash transactions. Once the funds have been transacted there is no way to recover the funds without the receiver agreeing to return them.
Both Scamwatch and the The Australian Cyber Security Centre (ACSC) provide insightful articles to assist members to protect themselves online. We recommend that you read the articles to learn how to avoid potential scams.
Where to Report Scams?
If you think you have been the victim of a scam, we recommend reporting the scam to your local police, Scamwatch or ACSC.
Different Type of Scams
Educating yourself on common scams is important, the link below provides great information on different types of scams, these include online shopping scams, dating & romance scams, malware & ransomware scams, and investment scams.
The article below provide further details on these types of scams:
Romance scams often take place through online dating apps and websites.
Scammers may take advantage of people looking for romantic partners online.
To protect yourself, please consider the following points when sending your funds from your CoinSpot account.
- Have you been asked or coached to open a Coinspot account?
- Have you downloaded remote access onto your devices, Anydesk or Team Viewer?
- Is the other person currently in Australia or overseas?
- Any requests for emergency funds to be sent via BTC (Bitcoin) rather than AUD.
- Any request to deposit small amounts of funds into your Australian bank account to purchase cryptocurrency.
Please take the time to watch this video from Nugget's News detailing how Cryptocurrency Investment Scams work.
Investment scams often begin with an unsolicited message or phone call from an International phone number. To protect yourself, please consider the following when sending your funds from your CoinSpot account as these points may indicate the offer is not legitimate.
- Promises of high returns for minimal initial investment.
- Requests for funds to pay tax outside Australia.
- Investing with any company located outside Australia or without an Australian Financial Services Licence.
- Pressuring or harassing phone calls from international numbers or account managers.
- Promises of recovering or returning lost cryptocurrency.
Further information and advice on Investment scams and the warning signs can also be found via the Money Smart website -
Common Facebook Scams
Things to look out for:
- The official CoinSpot Facebook page has a blue verification tick next to the name like this:.
The scam page shown in the example above does not have this blue tick, so immediately a user can know that this is not the real CoinSpot.
- The scam page is called "Coin Spot" which is not our name. The real page is named "CoinSpot".
- The scam page tells the user to sign in via a link. This is NEVER advised as this is likely a phishing link or fake copy of our site like the example above. Note the incorrect website address. We advise to always sign in via a bookmark to the real CoinSpot platform.
- This scam page has shared a user's facebook photo. The real CoinSpot would never share any personal details of any users.
Things to look out for in this example:
- Any comment by the real CoinSpot will show the blue verification tick . The scam page shown in the example above does not have this blue tick, therefore it is a fake page.
- We do not announce partnerships in the comments section of a Facebook post. We never ask for you to send crypto in exchange for a greater amount of crypto. This is always a scam.
- A scam page may post a deposit address claiming that after you send them crypto they will send you more. Never send to these addresses as you will not get your funds back.
- Any comments of users claiming to have followed the instructions and received prizes are not real. These are fake profiles commenting with the intention of scamming you.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.