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How to spot a crypto scam
— before it spots you

A plain-English guide for the over-50s. No scare tactics — just the warning signs,
the tricks crooks use, and exactly what to do if you've already been caught.

You're right to be cautious

If crypto makes you suspicious, that's a good instinct. Caution here isn't paranoia — it's common sense.

The people running these scams deliberately target older adults, because (a) we tend to have savings worth stealing and (b) we didn't grow up with this technology.

The numbers bear it out: according to the FBI's Internet Crime Complaint Center (the part of the FBI that collects fraud reports from the public), Americans aged 60 and over reported $2.8 billion in crypto-related scam losses in 2024 alone — more than any other age group.

That's not a reason to panic. It's a reason to learn the warning signs — which, once you know them, are surprisingly easy to spot.

The warning signs — 8 red flags to watch for

Almost every crypto scam waves at least one of these flags. Spot one, and it's time to slow right down.

  1. A promise of guaranteed or zero-risk returns. No real investment can promise this. None. The bigger and surer the promise, the bigger the lie.
  2. Pressure to act fast. “You'll lose out if you dont do this today.” Urgency is a scammer's favorite tool — it stops you thinking.
  3. Someone you met online steers the conversation toward crypto. A new friend, romance, or “mentor” who just happens to know a brilliant, risk-free investment.
  4. Being asked to pay in crypto, gift cards, or at a crypto ATM. Legitimate businesses don't ask for this. Crooks love it because it's hard to track, and impossible to reverse.
  5. A platform or app you can't independently check — or can't withdraw from. If you can put money in but never take it out, it was never real.
  6. Contact out of the blue. An unexpected text, email, call, or social-media message about an investment opportunity is almost always a scam.
  7. Anyone asking for your passwords, your “recovery phrase” (the secret backup words that unlock a crypto wallet), or remote access to your computer. Never hand these over. Ever. No honest person will ask.
  8. Celebrity endorsements and “giveaways.” “Send one coin, get two back” is always a con. The celebrity has no idea their face is being used.

The cons most often aimed at over 50's

Scammers reuse the same handful of scripts. Here are the ones that target over-50s most often — in plain English.

The “romance” or long-game scam

Someone strikes up a warm friendship or romance online, often over weeks or months. Once you trust them, they introduce a “can't-miss” crypto investment. It's sometimes called “pig butchering” — fattening up the victim before the kill. Cruel, but that's the playbook.

Fake investment platforms

A slick website or app shows your money growing beautifully. The gains are fictional. You can deposit, but when you try to withdraw, there's always a new “fee” or “tax” — and the money never comes.

Impersonation scams

Someone pretends to be your bank, the tax office, a government agency, a well-known company, or even a celebrity — using fear or excitement to rush you into sending crypto.

“Recovery” scams

The cruellest of all. After you've been scammed once, someone contacts you promising to recover your lost money — for an upfront fee. It's the same criminals, or their friends, coming back for seconds. A real authority will never charge you to get your money back.

If you've already been caught...

First, breathe. You are not stupid, and you are very far from alone — this happens to thousands of careful, intelligent people every single day. Here's what to do now.

  1. Stop all contact and stop sending money immediately. Don't send “just one more payment” to release your funds. The funds are gone.
  2. Don't pay anyone who promises to get your money back. That's a second scam wearing a friendly mask.
  3. Tell someone you trust. A family member, a friend, your bank. Saying it out loud is the hardest step and the most important one.
  4. Gather your records. Messages, screenshots, wallet addresses, transaction IDs, names, websites — anything you have.
  5. Report it. In the US, report to the FBI at ic3.gov and the Federal Trade Commission at reportfraud.ftc.gov. In the UK, report to Action Fraud at actionfraud.police.uk or call 0300 123 2040.
  6. Contact your bank straight away. If the payment was recent, they may be able to act.

Reporting won't typically get your money back — but it helps the authorities trace these networks, and it can stop the same people reaching the next person.

Want this where you can find it again?

The free Curious About Crypto guide includes this scam-spotting checklist in a printable form — handy to keep by the computer, or to pass to someone you're worried about.

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This page is general educational information, not financial or legal advice. If you believe you're the victim of a crime, report it to the authorities listed above. Crypto investments are volatile and you can lose money.