BdP warns of fraud attempts associated with the reactivation of fake crypto wallets

The Bank of Portugal warned in a statement about fraud attempts in which, through telephone calls, emails or messages, mostly in English, offenders pretend to be representatives of entities that allegedly manage investments in crypto assets or that are available to help in the recovery of crypto assets supposedly held by the victim.

The supervisor asks to follow his recommendations on digital financial services .

The BdP reports that in cases of attempted fraud, the offender identifies the victim by name, seeking to reinforce the appearance of legitimacy of the contact, and informs the victim that he or she has a digital wallet with a positive balance in his or her name, in an inactive state, which will imply the loss of the funds allegedly contained therein. “Be aware of these situations! It is likely that the person making these contacts does not represent any entity managing crypto portfolios,” it states.

“To reactivate the wallet and supposedly recover the funds invested in crypto assets, the victim is induced to make payments. The offender may also provide access to an online platform, where the victim can see the fictitious balance of their digital wallet. On this platform, the evolution of the balance may appear to be an increase in the value of the wallet, leading the victim to make new payments to reinforce it, in search of high returns”, warns the Bank of Portugal.

It is likely that both the digital wallet and the online platform that is made available are fictitious. “Therefore, in these situations, do not make payments to reactivate or reinforce digital crypto wallets”, appeals the regulator.

“If you suspect that you may have been a victim of fraud, inform the competent criminal police authorities (PSP, GNR or PJ) or the Public Prosecutor's Office”, concludes the BdP.