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How to identify scams?
How to identify scams?

How to keep your funds safe online?

Updated over 3 months ago

Financial security is crucial, so we’ve outlined the five most common scams and how to recognize them.

Since cryptocurrency transactions are permanent and irreversible, it’s essential to be aware of scams to protect your funds.

1. Email Scams: Requests for Deposits to Access Your Funds

Be cautious of anyone claiming they need additional funds to “unlock” or access your account balance. Scammers may send emails from seemingly legitimate addresses, asking for money to verify your account.

Note: Shakepay will never hold your funds in exchange for a deposit. If you receive an email like this, please notify customer support immediately.

2. Job Scams

Scammers posing as employers reach out to job seekers with seemingly legitimate offers, attempting to steal crypto or personal information.

Warning signs:

  • You’re contacted for a job you didn’t apply for.

  • The recruiter uses a personal email address (e.g., @gmail.com).

  • The company has little to no online presence.

  • The job offer contains spelling errors or promises unrealistically high salaries.

  • The recruiter asks you to open a Shakepay account or buy/exchange crypto.

  • The recruiter asks for money.

3. Social Media Giveaway Scams

Fraudsters impersonate celebrities or companies on platforms like Facebook and Twitter, offering fake “giveaways” of cryptocurrency.

Warning signs:

  • Requests for money or promises of unrealistic returns.

  • Account usernames don’t match the impersonated entity (e.g., lowercase "l" vs. uppercase "I").

  • The giveaway isn’t listed on official websites or social media pages.

  • Grammatical errors or links to suspicious external sites.

Legitimate Shakepay communication is always via our official blog, social media, or emails from @shakepay.com.

4. Investment Scams

These scams involve promises of high returns in exchange for entrusting your crypto to fraudsters, who often disappear with your money.

Warning signs:

  • Unrealistic returns.

  • Urgent time limits to send funds.

  • Minimal paperwork or use of offshore accounts.

  • Requests for large transfers of cryptocurrency to unknown individuals or companies.

  • Little to no online presence or reviews.

5. Fake Exchanges

Be cautious of new or unfamiliar platforms, especially those operating outside of Canada.

Warning signs:

  • “About Us” pages with unverifiable employees.

  • Platforms requiring account creation before showing market data.

  • Exchanges based in tax havens.

How to stay safe from online scammers and Shakepay impersonators

  • Always verify that Canadian virtual currency dealers are registered with FINTRAC. Shakepay-related scams can include fake social media accounts or websites.

  • Always check that emails are from @shakepay.com or @shakepay.co.

  • Only use our official website (https://shakepay.com/) and apps from trusted app stores.

  • Shakepay support does not operate via phone calls or request your password.

  • Shakepay’s official and sole social media accounts are:

How to contact Shakepay Customer Support Team

If you have any questions or concerns about matters concerning scams or fraud, or any account-related issues, please contact our Customer Support Team by following these steps:

  1. Open the Shakepay app

  2. Click on Settings (⚙️ icon) at the bottom right of the app

  3. Click Help

  4. Click Support chat

  5. Click Send us a message

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