Safe account scam with crypto: told by your ‘bank’ to move your money?
Date: | Week 44 | Reading time: 6 minutesAuthor: Simcha Schrijver
In brief
A safe account scam with crypto often starts with a call from someone who says they work for your bank. Your account is supposedly not secure, and you are told to move your money quickly into crypto or a ‘safe’ wallet.
Paucitas sees in practice that these calls can feel completely genuine: the right number on screen, a calm voice and knowledge of your details. Whether it really is fraud is not always clear straight away. Paucitas finds out for you.
Unsure about a call, or have you already sent money? Contact Paucitas. An initial conversation comes with no obligation.
Put simply
A bank will never ask you to move money into a safe account or a crypto wallet. If you are given that advice, step back first and have it looked at calmly. Let Paucitas take a look with you.
You are at home and the phone rings. Your bank’s number is on the screen. The caller sounds friendly and concerned: there is suspicious activity on your account, and criminals have supposedly already tried to take money. To protect your savings, it has to be moved somewhere else today. More and more often, that ‘somewhere else’ is a crypto wallet. It happens regularly, including to people who are normally very careful.
What is a safe account scam with crypto?
In a safe account scam, fraudsters pretend to be from your bank, or sometimes from the police or another official body. They convince you that your account is no longer secure and ask you to move your money to a so-called safe account that in reality belongs to them. In the crypto version, that safe account is a wallet. You are given an address or a QR code, sometimes with help to install an app or buy crypto first. Because a blockchain transfer cannot simply be reversed, things often move fast.
How do you spot a fake bank employee?
Not every call from your bank is suspicious. There are, however, signs that may point to a safe account scam:
- You are put under time pressure: it has to happen today, ideally right now.
- You are asked to transfer money to a safe account, a holding account or a crypto wallet.
- You are asked to install an app that lets someone see or use your computer or phone.
- You must not hang up, or you are asked to keep the call secret, even from family.
- You are helped to buy crypto even though you never asked for it.
- You are asked for codes, your PIN or a confirmation in your banking app.
Do you recognise one or more of these points? That does not automatically mean you have been scammed. It is a good reason to have it checked before you go any further.
Why do scammers use crypto?
A bank can sometimes still stop a payment to an ordinary account. With crypto it is different: once the transaction is on the blockchain, it is final. Scammers also tend to spread the money quickly across several wallets, so for the victim it feels as if the money has vanished without a trace. That is often not the case. Every transaction leaves a trail on the blockchain, and that trail can be followed.
Already sent money after a call from your bank?
Stay calm and call your bank yourself, using the number on the back of your card or on its website. Then keep everything you have: the number that called you, times, messages, screenshots and the wallet address the money went to. That is exactly the material Paucitas works with.
Paucitas does more than look at transactions. Paucitas also goes through all conversations, messages, e-mails and documents, builds a timeline and maps step by step where the money went. The result is one complete picture of what happened. Contact Paucitas if you want to know what is possible in your situation.
What can you do with the Paucitas report?
The report shows whether money is still available, or where it went, and what the next steps could be. Sometimes the money turns out to have reached an exchange, where the balance may still be identifiable. Sometimes you still have access to a wallet of your own. And sometimes it turns out not to be fraud at all. If it is a scam, you can report it to Report Fraud, or to Police Scotland if you live in Scotland; the Paucitas report is then a strong attachment that sets everything out completely and clearly.
Why people trust Paucitas
Paucitas is an independent firm of crypto specialists, established in the Netherlands with its own office, where you are welcome to visit. Paucitas investigates hundreds of cases a year, carries out all blockchain research itself and has many client reviews. An honest picture comes first: Paucitas does not promise that your money will come back, but tells you what is and is not possible. Before any work starts, Paucitas discusses a tailored quote with you, so there are no surprises afterwards.
Paucitas can be reached 24/7 on +31 20 244 5774. Through the form you will hear from us within 1 to 3 hours, and we answer e-mails within 24 hours, usually the same day.
Sources: Report Fraud; Police Scotland, scams and frauds; NCSC, phishing scams.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions about the safe account scam
Does a bank ever ask you to protect your money with crypto?
Paucitas knows of no bank that asks customers to move money into a crypto wallet or a safe account. If you are given that advice on the phone, hang up and call your bank yourself using the number on your card or its website.
My bank’s number was on the screen. Can it still be fraud?
Paucitas sees that scammers can fake the number shown on your phone. A familiar number therefore does not prove anything. If in doubt, call back yourself on your bank’s official number.
Can I get my money back?
Paucitas: it depends on your situation. If you still have access to a wallet or account of your own that holds funds, there are sometimes still options. If everything was sent to the scammers, it is a different story. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with parties that promise in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
What should I keep after a call like this?
Paucitas recommends keeping everything: the number, times, messages, screenshots, the app you were asked to install and the wallet address. The more complete it is, the better Paucitas can work out what happened.
How quickly can Paucitas take a look?
Paucitas can be reached by phone 24/7. Through the form you will hear from us within 1 to 3 hours. An investigation usually takes from the same day to about two weeks, depending on the case.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.