Crypto scams: understand the mechanics before you pay

Crypto-asset scams present themselves as technology stories, but they rarely rely on any technical innovation. They use very old mechanisms: a relationship of trust, an exceptional promise, small early successes and the fear of admitting that something is wrong.

Blockchain jargon is mostly set dressing. The fraudster does not need you to understand a wallet, an exchange or a "token". They need you to follow their instructions and keep paying.

A typical story, without caricature

An advert shows a well-known figure talking about an investment method. After leaving their contact details, the victim receives a call from a calm, professional adviser. He suggests starting with 250 euros. A dashboard quickly shows 290, then 340 euros.

The adviser does not immediately ask for a large sum. He calls regularly, explains the market and praises good decisions. Once trust is established, he proposes a bigger opportunity. The account soon shows several thousand euros.

The problem appears at withdrawal. The platform asks for a tax, verification fees or a security deposit. Each payment is presented as the last hurdle. The gains never existed: the dashboard was staged.

This slow progression explains why intelligence or financial experience is not always enough. The victim does not make one absurd decision; they make a series of small decisions within a carefully constructed relationship.

Why crypto-assets attract fraud

A transaction confirmed on a blockchain is generally irreversible. There is no central service able to cancel the transfer. Addresses do not immediately reveal the identity of their holder and funds can move quickly between several services.

This does not mean that every use of crypto-assets is fraudulent. It means that sending to the wrong recipient or being manipulated is much harder to correct than with a conventional payment.

Prevention therefore happens before the transfer. Once the funds have been sent, the chances of recovery are limited and depend on how quickly the fraud is reported, which platforms the funds passed through and the investigation.

The main scenarios

### The guaranteed return

A high, steady, risk-free return does not exist. The important word is not "crypto" but "guaranteed". Fake projects sometimes use new customers' first deposits to pay out small withdrawals. The victim thus gets apparent proof and recommends the platform to friends and family.

### The relationship that turns into an investment

Contact begins on a social network, a professional forum or a dating app. For several weeks, money is never mentioned. Then the other person mentions a method they use themselves and offers to help.

The emotional bond makes checking harder. Refusing the investment then seems to mean doubting the person, not just the product.

### The fake adviser

He guides the victim by phone or messaging app, sometimes by getting them to install remote access software. On the pretext of helping to create the wallet or make the transfer, he sees the screen and can take control.

No legitimate investment requires giving a stranger control of your computer.

### The cloned platform

The website copies the name of a real company or has a very professional design. The address may differ by a single letter. Positive reviews and staff profiles are fabricated.

A good-looking website is no proof of authorisation. Verification must be done with the regulator, using its own contact details and not a link supplied by the platform.

### Recovery after the loss

A few days or months after the scam, a company claims to have traced the funds. It presents itself as a law firm, a blockchain specialist or a service mandated by an authority.

It asks for an advance, a tax or the purchase of software. This "recovery room" is a second fraud. Victims' contact details circulate precisely because they have already shown they are willing to pay to resolve the situation.

Signals that should end the conversation

Some clues warrant checking; others justify stopping immediately:

• a promise of a specific, guaranteed return;
• pressure to invest before a supposedly limited window closes;
• a request to install a remote access tool;
• a payment demanded before you can withdraw your own money;
• advice to borrow or not to tell your bank;
• a transfer to a wallet chosen by the adviser;
• an online contact who steers the relationship towards an investment;
• a promise of recovery in exchange for an advance.

A screenshot of gains, a testimonial video or a small successful withdrawal does not prove that the investments exist.

Checking a platform in Belgium

Go directly to the FSMA website. Check whether the entity is authorised and whether its name or domain appears in the warnings. Type the FSMA's address yourself; do not follow a link provided by the adviser.

Compare the legal name, the website address, the contact details and the company number. Fraudsters often copy the identity of an authorised company while changing the phone number or domain.

Then look for independent traces. How long has the domain existed? Do all the reviews tell the same story? Does the company clearly explain the risks, fees and withdrawal procedure?

Finally, talk to someone outside the situation. A fraudulent relationship develops one-to-one; a second pair of eyes often breaks the hold.

You have transferred money

Stop any further payments, even if you are told that one last transfer will unlock everything. You do not necessarily need to tell the fraudster about all your steps: preserve the evidence first.

Gather:

• wallet addresses and transaction IDs;
• bank transfer statements;
• the conversations and phone numbers used;
• URLs, screenshots of the dashboard and the names given;
• the apps installed and the access granted.

Contact your bank immediately if a bank transfer or card was used. Change your passwords from a clean device if remote access was installed. File a complaint with the local police and report the platform to the FSMA and to the FPS Economy's Contact Point.

Do not pay anything to someone who promises to recover the funds. An authority or your bank may contact you as part of a procedure, but they will not ask you to buy crypto-assets to "release" a refund.

Talking about shame is part of prevention

Fraudsters know the victim will blame themselves for believing the adviser. They use that shame to buy time and offer new paid solutions.

A long-running fraud combines psychology, technology and repetition. Acknowledging that it worked is not admitting a lack of intelligence. The faster it is reported, the greater the chances of preserving evidence, warning others and sometimes blocking a stage of the transfer.

Friends and family should avoid saying "how could you believe that?". A better question is: "what can we still secure today?"

Official resources

• Safeonweb — advice on staying safe online
• FSMA — warnings and provider checks
• FPS Economy Contact Point (FR)
• Card Stop: `078 170 170`