Actions to Take if You've Been Scammed

Cryptocurrency related phone scams are steadily on the rise as blockchain technologies increase in popularity. This is post 3 of 3 of a series, detailing ways you can identify a scam, protect yourself from getting defrauded, and what you can do if you believe you have fallen victim.

This post is part one out of three (3/3) of our series on crypto scam phone calls.

1 - How to Spot a Crypto Scam Call

2 - What to Do if You Get a Suspicious Call

3 - Actions to Take if You've Been Scammed

What to Do if You Believe You’ve Been Scammed

1. Secure Your Accounts

• Change passwords for any financial or crypto platforms that may have been compromised.

• Enable multi-factor authentication (MFA) on all accounts.

• Transfer remaining crypto assets to a secure wallet where you control the private keys.

  
  

2. Report the Scam

• Contact the Canadian Anti-Fraud Centre (CAFC)

  • Website: antifraudcentre-centreantifraude.ca

  • Phone: 1-888-495-8501

  • Share details like the scammer’s phone number, messages, and transactions.

• File a police report with your local department.

  • Even if they can’t assist directly, a report may be needed for insurance or recovery.

• Notify the crypto platform involved.

  • They may be able to suspend the scammer’s account or flag spoofed activity.

• Alert your bank or credit card provider.

• If fiat transactions occurred, they may be reversible if caught quickly.

3. Consider Legal and Advisory Support

• Document everything: calls, messages, wallet addresses, screenshots, and correspondence.

• Consult a lawyer if large sums are involved or if you need help navigating recovery.

• Reach out to crypto advisory services like Coinsight for education and tailored risk mitigation.

Bottom line - If someone has made off with your crypto, there are not a lot of channels for recovery due to insufficient regulations and processes for law enforcement. Cryptocurrency transactions are instant and irreversible. If you have lost fiat money, on the other hand, follow all of the guidelines listed above. Money moving through the traditional financial system is currently easier to trace and recover for officials.

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