Phishing is a type of scam where criminals pretend to be a trusted organisation or individual to trick you into giving away sensitive information. This information can include login details, verification codes, personal data, or access to your assets.
In the cryptocurrency space, phishing attacks are common because digital assets can be transferred quickly and are difficult to recover once lost.
Scammers often use emails, SMS messages, phone calls, and fake websites to make their messages look legitimate and urgent.
How phishing scams work
Phishing usually happens in stages, with the goal of gaining information and then re-targeting you later.
Step 1: Initial contact
Scammers reach out pretending to be a trusted source, such as:
A crypto exchange or wallet provider
A bank or financial institution
A government agency
A support or security team
They may claim there is:
Suspicious activity on your account
A problem with your verification
A locked or compromised account
An urgent action required to avoid losing funds
The message is designed to create fear or urgency, encouraging you to act quickly.
Step 2: Information harvesting
Once they have your attention, scammers try to collect information such as:
Account email addresses
Passwords or PINs
Two-factor authentication (2FA) codes
Wallet recovery phrases
Personal identification details
This may happen through:
Fake login pages that look real
Replying directly to emails or SMS
Phone calls requesting “verification”
Links that lead to malicious websites
Even small pieces of information can be valuable to scammers.
Step 3: Re-targeting and escalation
If a scammer successfully obtains any information, they may:
Attempt to log into your accounts
Reset passwords on other services
Target you again with more convincing messages
Sell your details to other scam groups
Because they now have some of your information, follow-up scams can appear more realistic and personalised.
Common phishing methods
Phishing emails
These often look official and may include:
Company logos and branding
Fake sender addresses that closely resemble real ones
Links or attachments asking you to “verify” or “secure” your account
SMS (smishing)
SMS phishing messages may:
Claim your account has been suspended
Include shortened or unfamiliar links
Ask you to reply with personal details
Phone calls (vishing)
Scammers may call pretending to be:
Support staff
Security teams
Compliance or fraud departments
They often sound professional and may pressure you to act immediately.
How to protect yourself
Never share your password, 2FA codes, or recovery phrases
Be cautious of urgent or threatening messages
Check sender details carefully
Avoid clicking links from unsolicited messages
Access accounts by typing the official website directly into your browser
Enable strong security settings such as two-factor authentication
Legitimate companies will never ask for your full login credentials or security codes.
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