Cryptocurrency scams disproportionately target older adults. Billions of dollars are lost every year by people who worked their entire lives to save — and lost it to a convincing scammer. This guide is written in plain language, without jargon.
The First Rule: If Someone Contacts You, Be Suspicious
Legitimate crypto companies do not call you. They do not send urgent emails telling you your account is at risk. They do not message you on WhatsApp. If someone reaches out to you about your crypto unsolicited, treat it as a potential scam until proven otherwise.
Never Share Your Seed Phrase
Your seed phrase is the master password to your crypto wallet. No customer service agent, no tech support person, no representative of any company will ever need it. Anyone who asks for it is attempting to steal your funds. There are no exceptions.
Romance Scams and Crypto
One of the most devastating scams targeting older adults combines romantic relationships with crypto investment fraud. A scammer builds trust over weeks or months, then introduces a “crypto investment opportunity.” The opportunity is always a scam. If someone you’ve only met online is encouraging you to invest in crypto, stop all contact and speak with a trusted family member.
What to Do Before You Make Any Decision
If someone is pressuring you to act quickly with your crypto, that pressure itself is a warning sign. Legitimate opportunities do not disappear in the next 30 minutes. Call a trusted family member. Take time. Look up the company independently.
It’s Okay to Ask for Help
If you’re unsure about something related to crypto, ask someone you trust in person — not someone who contacts you online.
— Lior H