Common scams and how to avoid them

Why do holidays attract crypto scammers?

Vacation should be about rest, family and celebration. Unfortunately, it's one of the busiest times of the year for cybercriminals.

Scammers use increased online shopping, holiday promotions and emotional spending to trick people into handing over their money.

For cryptocurrency users, these scams can be particularly harmful because crypto transfers are typically irreversible. Fraudsters know that crypto transactions are irreversible, and many people are still learning how to handle their assets safely.

So, how do scammers target crypto users during the holidays, and what tactics do they use?

Let's get together. Look at the crowd.

During the holidays, several conditions make fraud easy to commit and difficult to detect.

First, people spend more time online. Between online shopping, travel bookings and holiday social media activity, consumers see more ads and messages than usual. Fraudsters use this extra volume to slip in fraudulent links or fake offers.

Second, emotions are heightened. People are more generous, optimistic and sometimes stressed. Scammers know that emotions can cloud judgment. They take advantage of the time by offering “holiday bonuses”, “Christmas gifts” or “year-end investment opportunities” that sound attractive and exciting.

Third, people are distracted. With busy schedules and holidays, few users take the time to verify links, apps or wallet addresses. A little lack of attention can lead to huge crypto losses.

Which crypto scams are on the rise as fraudsters take advantage of the holiday season?

From phishing emails and fake wallet apps to fake token sales and romance scams, criminals improvise schemes around the holidays, targeting users with promises of bonuses, investments and love, all to steal crypto.

Phishing emails and fake wallet websites

Phishing scams continue to be one of the main ways criminals steal crypto. During the holidays, they often disguise phishing attempts as promotions or account alerts.

For example, an email may appear to come from a trusted exchange such as Coinbase or Binance, claiming that you have received a “holiday bonus.” The message includes a link to a fake login page. Once you enter your credentials, the attacker will delete your account.

Fraudsters have also created fake wallet apps that look like the real thing. Last holiday season, security teams discovered fraudulent apps on Google Play and the Apple App Store that looked like popular wallets. Once installed, they ask for private keys or genealogies, which are then sent to scammers.

Fake investments and token pre-sale

Fraudsters often set up fake investment platforms or “holiday token pre-sales”. They promise guaranteed returns or exclusive early access to a new coin or virtual token (NFT) collection. Victims are asked to deposit crypto on the platform. Once enough people invest, the website goes down, and the scammers are out with their money.

In the year In late 2025, London authorities arrested five people suspected of running crypto scams that could have cost victims more than 1 million British pounds. The schemes reportedly include websites that claim to offer pre-sale investment opportunities in new cryptocurrencies. This is a common pattern in fake pre-sale scams that promise huge returns.

Love and “pork” scams

The holidays can be lonely for some people, making them more vulnerable to emotional manipulation. In these scams, often referred to as “pork killing,” criminals create false identities on spouses or social media platforms and build trust over weeks or months. They will eventually introduce crypto as a common “investment opportunity”.

Shreya Datta, a technology professional in Philadelphia, lost $450,000 after meeting a man on the dating app Hinge, who claimed to be a French wine merchant, in one of the most widely reported love crypto scams.

Over several weeks, he gained her trust and convinced her to invest in what appeared to be a legitimate cryptocurrency trading platform. The scam was revealed only when the app demanded a 10% “income tax” payment before allowing withdrawals. That prompted Data's brother to investigate and expose the fraud.

Many of these scams peak around Christmas and New Year, when victims are vulnerable and online communication increases.

Did you know this? A new campaign named “SparkCat” has been reported to infect Android and iOS applications on official stores with a malicious SDK. According to Kaspersky, infected apps have been downloaded more than 242,000 times on Google Play, and many developers may not even know their apps are infected.

Impersonation and recovery scams abound during the holidays

Fraudsters pose as supervisors, exchange workers or charity organizers to trick victims into transferring money. Others pose as tech support or recovery agents to exploit people who have already been scammed.

Fake and fake authority messages

Scammers often pretend to be from official agencies or customer support. They may say they represent financial regulators, exchanges or law enforcement. The message may warn that your wallet has been breached or that new rules require immediate action. Victims are then asked to transfer the funds to a “secure wallet” for verification.

Reports show that phishing campaigns can increase dramatically during prime marketing periods. Black Friday-related attacks are up more than sixfold compared to early November, and Christmas-focused scams are up more than 300% during the busiest shopping week of the year.

What's even more shocking is how technology has evolved. With the help of AI, fraudsters can now replicate a human voice using a voice of up to three seconds. That can trick relatives or friends into believing they are talking to you.

Fake holiday signs and pump and dump projects

Another growing trend during the holiday season involves “holiday-themed” cryptocurrency scams. One example is a project called Xmas Coin (XMAS). The coin's promoters have reportedly been linked to previous “name-change” scam projects to lure unsuspecting investors.

Devslet Dream analysts warned that early buyers received nearly 40% of the total token supply at launch and continued to hold around 27%, suggesting a familiar pump-and-dump pattern. With such concentrated ownership and re-branding strategies, experts warn that the Xmas Coin is showing signs consistent with a coordinated exit scam.

Investors should avoid any token offering that exhibits similar patterns or lacks transparency around ownership and liquidity.

Fake tech support and recovery offers

After a person has been scammed, another group of scammers may find them and offer help in recovering the lost money. They often act as blockchain investigators or legal services.

Desperate to get their money back, victims are tricked into paying extra fees or sharing sensitive information. These follow-up scams often appear after the wave of holiday scams when victims start looking for help online.

Did you know this? In one case reported in the United Kingdom in 2025, a man and his wife made off with a wallet worth over £250,000 in crypto after meeting with someone claiming to be from the cybercrime unit. The caller said their personal information was compromised. It was a “intimidation and pretense” scam that combined breach of trust with pressure tactics.

How to protect yourself from crypto scams during the holidays

Be proactive this holiday season: check all offers, use only official apps, protect your keys, strengthen account security, think before you act on impulse, check charities and giveaways, and learn to protect your crypto from scams.

Here's how to protect yourself:

Be suspicious of unsolicited offers: If a stranger offers an investment opportunity, says they've won a prize, or urges you to act quickly before taking any action, stop and check the source.

Use only official links and apps: Always download wallets or apps directly from the company's verified website or official app stores. Avoid links in email or social media messages.

Never share private keys or recovery phrases: Any legitimate company or employee will never ask for them. Keep them offline and safe.

Enable strong security: use two-factor authentication (2FA), unique passwords, and avoid using public WiFi for crypto transactions.

Beware of emotional manipulation: Scammers often build trust or use fear to make decisions. Take time to verify before sending any money.

Double-check charities and donations: only donate to verified organizations and beware of anyone who promises to double your crypto.

Get informed: Follow alerts from trusted financial authorities and cyber security agencies. Awareness is one of the best defenses.

The season of celebration should be one of joy and not regret. By procrastinating, checking sources, and recognizing red flags, you can enjoy your vacation without falling prey to scammers.

This article is for educational purposes and is not financial or legal advice. If you suspect fraud, contact your exchange's official support, report the fraud to local authorities, and save screenshots, addresses, and transaction hashes.