Protect Yourself and Your Crypto From Fraud
At HoneyBadger, safeguarding our customers from fraudulent or suspicious transactions is a top priority. We’re committed to protecting you in an ever-evolving landscape of fraud.
Read our comprehensive fraud guide to stay informed and vigilant against various fraud types.
Relationship impersonation
Fraudsters form online relationships with individuals living abroad, often requesting Bitcoin for various reasons like family emergencies or weddings. They may promise to move to Canada or discuss marriage as the connection deepens.
Warning Signs.
- Initial contact through social media, dating sites, or online forums.
- Requests for financial assistance in Bitcoin.
- Promises of relocation to Canada or marriage.
Job offer fraud
Online jobseekers are tricked into sending Bitcoin to a supposed new employer they met online. The employer typically sends a fraudulent e-transfer or cheque, asking the job-seeker to return the majority in Bitcoin.
Warning Signs.
- Receiving a job offer from an online source.
- Involvement in tasks like bank visits and Bitcoin machine use.
- Request to send back a large portion of received funds in Bitcoin.
CRA/Government institution /Police extortion
Scammers impersonate authorities, claiming individuals’ SINs are compromised. Victims are instructed to empty their bank accounts and send all funds for safekeeping in a Bitcoin wallet owned by the fraudsters.
Warning Signs.
- Receiving calls or emails from fake CRA or government representatives.
- Demands to send funds in Bitcoin for supposed protection.
- Urgent requests to clear bank accounts and send Bitcoin.
Investments scam
Investment scams promise high returns with little or no risk, often using cryptocurrency to make fraudulent schemes appear more legitimate. Scammers may pose as financial advisors or crypto experts to build trust before convincing victims to send funds.
Warning Signs.
- Guaranteed returns or "risk-free" profits. No legitimate investment can promise guaranteed returns, especially in volatile markets like cryptocurrency. If someone is promising consistent high yields, it's a scam.
- Pressure to act quickly. Scammers create urgency to prevent you from thinking critically or consulting others. Phrases like "limited time offer" or "act now before it's too late" are major red flags.
- Requests to send crypto to an unknown wallet. Legitimate investment platforms don't ask you to send funds to a personal or unverified wallet address. Once cryptocurrency is sent, it cannot be reversed or retrieved.
Rental scam
Rental scams involve fraudulent property listings designed to trick victims into paying deposits or rent upfront for accommodations that don't exist or aren't actually available. Scammers often lift real photos and details from legitimate listings, then ask for payment in cryptocurrency to avoid chargebacks and make the transaction untraceable.
Warning Signs.
- Rent that seems too good to be true. Prices significantly below market rate are a common lure. Scammers use attractive deals to generate quick interest and pressure victims into paying before they can verify the listing.
- Landlord is unavailable to meet or show the property. Excuses like being overseas, out of town, or too busy to arrange a viewing are classic red flags. A legitimate landlord will always allow an in-person visit before accepting payment.
- Upfront payment requested in cryptocurrency. No legitimate rental transaction requires a deposit or first month's rent paid in Bitcoin or other crypto. These payments are irreversible and offer no buyer protection if the listing turns out to be fraudulent.
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