Phishing is a scam where criminals pose as a trusted company or person to trick you into giving away passwords, card details or wallet keys. In crypto, one leaked recovery phrase or one approved fake transaction can let a thief move your funds, and crypto transfers generally cannot be reversed.
How phishing works
A phishing message arrives by email, text, phone or social media and copies a brand or person you trust. It pushes you to act fast: confirm a login or claim a prize. Its link opens a copy of a real website that records what you type or installs malware. In crypto, the target is often your recovery phrase, or a fake site asks you to approve a transaction that drains your tokens.
Example
Say an email that looks like it comes from your crypto exchange warns of a suspicious login. Its link opens a page that looks right, but the web address is one letter off. The page asks for your password, a one-time code and your recovery phrase. Entering them hands the scammer your account and your wallet.
Why it matters when you buy crypto
Crypto transfers generally cannot be reversed, so funds sent to a scammer are usually gone for good. Phishing is also common: as of September 2026, the FBI’s Internet Crime Report for 2025 lists phishing and spoofing as the most reported crime type, with 191,561 complaints. Before you log in, type the web address yourself or use a bookmark. Coinmama’s support pages explain how to spot phishing attacks and people who pretend to be Coinmama staff.
Risks and red flags
Phishing messages look normal, so watch for:
- Anyone who asks for your recovery phrase or private key. No genuine service or support team asks for them.
- Pressure to act now, a threat to lock your account, or a giveaway that asks you to send crypto first.
- A web address that is misspelled or differs from the site you know.
- “Support staff” who contact you first, often on social media or chat apps, or who ask for remote access to your device.
- A site that asks you to approve an unlimited spending limit for your tokens.
If you shared a password, change it on the real website and turn on multi-factor authentication. If your Coinmama account may be affected, contact Coinmama support.
Go deeper: read our guide on whether Bitcoin is safe to buy.
