ESAs publish factsheet on protecting consumers from crypto fraud
The European Supervisory Authorities (EBA, ESMA, EIOPA) have published a factsheet to protect consumers from online crypto fraud. The document, released on February 2, 2026, details sophisticated tactics used by cybercriminals exploiting crypto-asset features.
Recognizing the red flags of crypto scams
The rapid growth and unique characteristics of crypto-assets, such as global accessibility, speed, anonymity, and transaction irreversibility, make them prime targets for cybercriminals.
Fraudsters employ sophisticated tactics, including Ponzi schemes, fake investment opportunities, and free social media offers, to deceive consumers.
They also use romance investment scams and look-alike addresses to compromise digital wallets, often reaching victims via social media, messaging apps, emails, and unsolicited phone calls.
Consumers face risks including financial loss, identity theft, and emotional distress.
Key warning signs include promises that seem too good to be true, unsolicited offers, guaranteed fast and high returns, and urgent calls to action.
Requests for payment via untraceable methods like crypto or gift cards, invitations to click suspicious links or scan QR codes, and demands for private keys or seed phrases are also critical indicators.
Beware of suspicious URLs, distorted logos, or professional-looking websites lacking verified contact details or company registration.
Safeguarding your digital assets
To protect themselves, consumers must pause and think before acting, as scammers deliberately create urgency.
Always verify the source of messages, calls, and links, checking for spelling errors, strange URLs, and HTTPS security.
Only install official applications from trusted app stores and avoid unknown QR codes.
Cross-check offers against official company websites or verified social media accounts, and use independently verified contact details.
Never share passwords, private keys, or seed phrases, as legitimate companies will not ask for them.
Keep devices and crypto accounts secure with strong, unique passwords and multi-factor authentication, ensuring software and antivirus protection are up to date.
Be cautious with unexpected investment offers promising huge returns, and limit sharing personal or investment information on social media, which can be exploited by fraudsters.
A vital shield in the crypto wild west
This factsheet provides crucial, actionable guidance for consumers navigating the complex and often perilous crypto landscape.
Its clear enumeration of scam types and protective measures offers a much-needed defense against increasingly sophisticated fraud tactics.
However, the inherent irreversibility of crypto transactions means ultimate protection still heavily relies on individual vigilance and education.