While CoinSpot does not provide financial or investment advice, we do provide extensive customer service and care to help keep your cryptocurrency holdings and your CoinSpot account as safe and secure as possible. This article will provide you with important information and advice, as well as the warning signs to look out for when transacting with your cryptocurrency.
It is always important to remember the following -
- Blockchain and Cryptocurrency by nature are decentralised, meaning they are not governed or controlled by a central body. This makes completed transactions irreversible as there is no centralised control of the Blockchain or recourse to recall your transaction.
- Transferring your assets via the Blockchain transfers control of your assets to the receiving wallet address. If you do not hold the private keys to the wallet address that you are transferring your assets to, it is imperative to ensure that you are aware of how your assets will be managed by the receiver as well as who will control access to your coins/tokens.
You should always perform your own due diligence before sending assets to another individual, an investment opportunity, or organisation
Due diligence is the action, investigation or care you need to take, in order to keep yourself and your funds safe. You can conduct your own due diligence by ensuring that you have fully investigated and evaluated the risks associated with any individual, investment opportunity, or organisation you are considering sending your assets to.
The Australian Government via the ACCC’s ScamWatch and The Australian Cyber Security Centre (ACSC) also provide insightful advice to all Australians on how to protect themselves online. We recommend that you familiarise yourself with their warnings and advice.
Where to Report Scams?
If you believe you have been the victim of a scam or fraudulent activity by a third party, there are places you can lodge a complaint. We strongly recommend that you report this activity to the relevant authorities for further investigation as they may be able to provide potential recourse for the return of your funds.
Scamwatch is a website run by the Australian Competition and Consumer Commission (ACCC).
ReportCyber is the Australian Government’s online cybercrime reporting tool for Australian individuals, businesses and government.
Common Scam Examples
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 Bitcoin (BTC) rather than AUD.
Any request to deposit small amounts of funds into your Australian bank account to purchase cryptocurrency.
Further information and advice on Investment scams and the warning signs can also be found via the ScamWatch website.
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.
Further information and advice on Investment scams and the warning signs can also be found via the MoneySmart website - MoneySmart - Investment Scams
Remote Access Scams
Remote Access scams often begin with an unsolicited message or phone call that appears to be from a legitimate company such as your phone or internet service provider. 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.
Requests to create a CoinSpot account on your behalf.
Requests to download a remote access program like AnyDesk or Teamviewer.
Any requests to access your personal information such as copies of your licence or passport.
You have been provided with scripted information and directions to follow
Further information and advice on Investment scams and the warning signs can also be found via the ACSC website.
Recovery or Reclaim Scams
Recovery scams often occur after falling victim to an investment scam. To protect yourself, please consider the following as these points may indicate the offer is not legitimate.
Promises of recovering funds invested with an overseas company.
Requiring any recovery fees to be paid upfront.
Have you been provided with a templated ADR letter?
Is the recovery company registered or located in Australia?
These posts can be shared in Crypto Facebook groups, posted to your wall or advertised by a page impersonating CoinSpot. Our Social media team will always report these pages directly to Facebook and we ask that our members please do the same. For detailed information on other Common Social Media Scams, please have a read of our Know your Social Media Scams article.
Things to look out for:
The official CoinSpot Facebook page has the blue verification tick next to our name.
The fake post shown in the example below does not have the Blue Verification Tick , so immediately you can tell that this is not our official CoinSpot Facebook page.
The fake post directs you to sign in via the link provided. This is NEVER advised as this is likely a phishing link or fake copy of our platform.
This fake post/page has shared a Facebook profile photo. CoinSpot would never share the personal details of any of our members.
Example of a fake Facebook post
Still unsure or 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.