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Three scam attempts to watch out for


Fraudsters and Cyber Criminals are targeting more and more people. To increase your awareness and help you take instant action before it’s too late, here are some examples to help you spot a scam.

Irregular transactions on your bank account

Fraudster: “Hello, I am from xxx Bank. We have detected some irregular transactions in your account”.

You may receive this as a phone call, SMS, or email allegedly from a bank claiming that your bank account might have got frozen due to irregularities detected and asking you for sensitive personal information, including your government ID used to open the account, bank account details and maybe your PIN. 

Xapo Bank will never ask you for these details. 

What should you do if this ever happens?

  • Hang up on any suspicious calls immediately without providing any personal information. 
  • Delete the SMS or email without clicking any links or scanning QR codes.

Wrong transfer to your bank account

Fraudster: “Hello, I have wrongly transferred money to your account; please transfer it back to me…”

Fraudsters pretend to have transferred money into your bank account by mistake and ask you to transfer it back to them. 

What should you do if this ever happens?

  • Ask them to contact their own bank and request a recall of the wrongly transferred funds!
  • Decline the request directly, regardless of how much you are pressured or how urgent it sounds.

Do not reply, if you feel suspicious. Always reach out to your Xapo Bank account manager via in-app chat to confirm any transactions if you are unsure.

“Last chance to win” offers

Fraudster: “Last chance to double your Bitcoin! Simply send your BTC deposits to this account address, and we’ll send double the amount back to you”.

Fraudsters will use last-minute competitions to make you feel that if you don’t act now, you will miss out on these opportunities. They could set a timer with a countdown to make you work quickly and not miss out. Fraudsters will also go as far as creating fake videos on YouTube, making them seem like live streams, and using celebrities to make it look like they are a part of this campaign.

What should you do if this ever happens?

  • Never send funds to addresses you don’t know, as you will not get these coins back.
  • Always confirm the address and senders’ details before sending coins. If you have any concerns, reach out to your account manager.

What steps can you take to keep your account secure and protect online transactions?

  • Update your contact details with us quickly to receive alerts and detect fraudulent transactions sooner.
  • Before making any transactions, check and confirm the merchant(s) name, currency, amount.
  • Remember to never to give out your PIN to any third party (including family and friends)

Keeping your account secure is a key priority for us at Xapo Bank. To learn more about how we protect your wealth, visit xapo.com/security


This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.

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