According to estimates by the Federal Trade Commission, consumers lost over $5.8 billion to fraud last year alone. Scammers are usually successful because they pretend to be someone (or a representative of a company) that is known and trusted by their victim.

Here is how to spot an attempt to impersonate Xapo Bank and gain unauthorised access to your account:

• Request for app login details:

We will never ask you to disclose your login or transaction PINs, or forward your verification emails for any reason. You should not share such sensitive account security information with anyone.

• Cold calls from your “bank”:

At Xapo Bank, we do not call you directly, unless previously agreed via in-app chat or email. We will also not ask you to transfer money to a third party account for “safekeeping” or to earn higher returns.

• Emails from an unofficial domain:

All our communications via email will come from an email address ending in @xapo.com, @support.xapo.com or @mail.xapo.com. To confirm an email is legitimate, always hover your cursor over the sender’s email address. Our official domain is @xapo.com and any other domain extensions (for instance .net, .network, .org etc) that use the Xapo brand are likely fraudulent and have no connection to us.

• Conversations on unofficial social media channels:

Our Membership Services team only provides support via in-app chat or email [email protected]. Our online presence extends to Twitter, LinkedIn, Instagram, Facebook and YouTube, and our handle on these channels is @xapobankapp. We do not have an official presence on any other social networks or instant messaging platforms.

To learn more about how we protect your wealth, visit our security page.