Scams are common worldwide; no matter how advanced technology becomes, they can not be completely eliminated. But that does not mean we are helpless.
The real power lies in knowing how to spot them and having the tools to fight back.
Across Africa, cryptocurrency has become a game-changer for financial inclusion.
It offers millions of ways to bypass costly remittance systems, navigate around inflation, and participate in a global digital economy.
But while this innovation brings freedom and opportunity, it has also opened the doors to a more sinister trend: a surge in crypto-related scams.
From Nigeria to South Africa, scammers are exploiting both hope and inexperience. They use charm, emotional manipulation, and slick technology to deceive victims and steal billions in naira and rands.
These are not your everyday fraudsters; they are organised, well-equipped and often operate in networks using scripts, fake apps, and social engineering tactics.
If you are using crypto—or even just curious—it is vital to know how to spot a scam and what steps to take when faced with one.
This guide by Techpression breaks down crypto scammers’ playbooks and offers practical, human advice on protecting yourself and others.
How crypto scammers operate
Crypto scammers do not always rely on hacking or technical skills. Instead, they use manipulation, trust-building tactics, and the promise of wealth to lure victims.
These scams often appear highly professional, with too-good-to-be-true websites, slick mobile apps, and even fake licenses or certificates that seem legitimate.
An example is the pig butchering scam. The scammer contacts a potential victim via dating apps, X, Facebook, WhatsApp, or Telegram.
They start a conversation, often pretending to be wealthy investors, businesspeople, or love interests. After gaining trust, they casually introduce a lucrative crypto investment platform.
This platform looks real, with a user dashboard, live charts, and customer service. At first, the victim might even be able to withdraw some profit, reinforcing belief in the system.
But it is all smoke and mirrors. When the victim tries to withdraw a larger amount, they are hit with fabricated fees: taxes, verification costs, or commissions.
The withdrawals never arrive. Then the scammer disappears, the website goes offline, and the trap closes.
Another one is Ponzi and pyramid schemes disguised as crypto investment clubs. These often promise fixed returns—sometimes as high as 100 per cent in a few weeks.
However, the early payouts are not based on actual profits. The deposits of new investors fund them. Once recruitment slows down, the whole structure collapses.
For instance, it occurred in Nigeria’s Crypto Bridge Exchange (CBEX). It claimed to use AI-powered bots to generate massive profits.
According to the Economic and Financial Crimes Commission (EFCC), over 600,000 people joined, lured in by social media hype and word-of-mouth.
But it was all a lie. Within nine months, the platform vanished, taking an estimated $840 million.
Also, in South Africa, schemes like Mirror Trading International (MTI) and Africrypt pulled off similar tricks—luring thousands with promises of automated trading and vanishing when the time came to deliver.
So, how do you know when you are a target?
First, red flags to watch out for
The good news is that most scams follow predictable patterns. If you know what to look for, you can avoid them.
If someone promises to double your money in a matter of days or guarantees fixed profits, it is almost certainly a scam. Crypto is volatile. No one—not even professionals—can guarantee consistent profits.
Scammers often initiate contact out of the blue. It might be a friendly message on WhatsApp or a business proposal on Telegram. Be cautious if someone you do not know starts talking about crypto or investment opportunities.
In romance-based scams, the scammer often rushes into emotional intimacy. After a few days, they claim to love or call you family.
This is designed to break down your defences. Never mix emotional relationships with financial decisions.
Scammers create false urgency. They will say the offer is closing soon, or the price is about to skyrocket. They want you to act before you think or research.
Legitimate platforms do not ask for strange withdrawal fees like “taxes” or “KYC charges” before releasing your funds. This final tactic is to squeeze more money out of you before they disappear.
Many scam sites mimic real crypto exchanges, copying their names and designs. They might even flash “anti-money laundering” certificates that look official.
Always verify platforms through trusted sources like financial regulators or local official crypto exchange listings.
How to fight back and stay ahead
Knowledge is your most vigorous defence. Here is how to guard yourself and others from falling into the trap:
Before investing in any crypto platform, project, or app, research it thoroughly. Look for independent reviews. Check if it is listed on CoinMarketCap or CoinGecko. Look at what others say on Reddit, X (Twitter), or all social media you are familiar with. If something feels off, trust your instinct.
Scam sites often use domain names close to real ones—like “binanace.com” instead of “binance.com.” Look for spelling errors and confirm you are on the official website before inputting personal information.
Ignore unsolicited messages about investments. If someone starts talking about money or crypto out of nowhere—especially a stranger—it is a major red flag. Block and report them.
Stick with reputable crypto wallets and exchanges that offer two-factor authentication and robust security protocols. Avoid unknown platforms, especially ones without clear ownership or regulatory status.
If you are considering an investment and feel unsure, talk to a financially knowledgeable friend, mentor, or community member. Scammers thrive in silence and isolation.
If you have been scammed or suspect something is a scam, report it. In Nigeria, contact the Economic and Financial Crimes Commission (EFCC).
In South Africa, reach out to the SAPS Cybercrime Unit. Your report could help stop the scammer and protect others.
Unfortunately, many people who have been scammed get targeted again. Fake recovery agents claim they can help retrieve your lost funds—for a fee.
These are scams, too. No one can guarantee fund recovery, especially not via random messages.
Strength in numbers
The fight against crypto scams is not just personal—it is communal. Many Africans have fallen victim, not because they were careless but because the scammers were calculated and persuasive.
You can become part of the defence by speaking up, sharing your story, and educating others.
Communities, influencers, and crypto enthusiasts must take responsibility for protecting their followers.
Governments must prioritise crypto education, enforce regulations, and crack down on fraudulent platforms. Tech platforms must do more to identify and ban fake accounts.
Africa’s crypto future is still bright. But to ensure it benefits the many and not the few, we must remain vigilant. Every scam that succeeds chips away at public trust. Every scam that is stopped sends a message that knowledge is power.
So next time someone offers you a once-in-a-lifetime crypto opportunity, take a breath, ask questions, and remember—if it sounds too good to be true, it probably is.