Staying safe from crypto-related scams

by Team Luno
· 4 minute read

Operating in a purely digital world comes with loads of advantages, but it also means we need to be even more cautious about who we trust and what we believe. At Luno, ensuring the safety of our customers and their hard-earned funds is of the utmost importance. Security informs every part of our service – from the way our app is designed to the communications we put out.

Digital currency transactions are irreversible, making them a popular target for scammers and phishers. Below are some helpful guides to assist you in ensuring no one else gains access to your account or funds.

If you receive any suspicious communication, please report it to us by submitting screenshots of the incident to [email protected].

Be vigilant of malware

A recent malware called Alien specifically targeting Android users illustrates just how adventurous hackers can be.

Malware (short for malicious software) is any type of software (viruses, trojan horses, rootkits, etc.) intentionally designed to cause damage to a computer, server, client or computer network. There are many ways in which an attacker might try to trick you into installing malware, and the best way to stop their adventuring is to avoid getting infected in the first place.

Tip: Think twice before clicking links or downloading anything, and never install apps from suspicious sites and grant the app admin rights. Always install apps from official app stores.

Avoiding Telegram scams

Telegram is a powerful and popular platform in the crypto community. It’s a great way for crypto enthusiasts and companies in the industry to discuss news, and share trends and event details with other community members. However, because of this, it’s also become a nifty tool for scammers to impersonate individuals or organisations in order to gain access to funds or accounts.

Make sure you’re interacting with the real Luno on Telegram

Luno South Africa
Luno France
Luno Nigeria
Luno Malaysia
Luno Indonesia
Luno Singapore 
Luno Uganda

It’s important to note that even if you’re a member of the legitimate Luno South Africa Telegram channel, there could be people in that channel looking to scam unwitting members. No member of the Luno team will ever directly contact you through Luno South Africa’s Telegram platform. We are also aware of a new trend where scammers make contact with Luno customers through other platforms (like Facebook) and encourage them to continue the chat on Telegram.

If you receive a message from someone claiming to work at or with Luno, we advise you to cease communication with them and let us know about the incident by submitting a screenshot and sending it to [email protected].

Currently, we are unverified on Telegram. We are working on attaining a verification badge to ensure it’s easier for you to recognise legitimate Luno Telegram channels.

Avoiding Facebook scams

Scammers on Facebook tend to operate in a number of ways. The details may vary, but here’s what to look out for and avoid:

  • Potential scammers will attempt to answer/reply to comments on Luno’s Facebook profile – generally, they’ll try to get you to initiate a new conversation on another platform such as Telegram or WhatsApp
  • They tend to promise high returns or rewards if you send them money to invest on your behalf – we strongly advise against sending anyone money to invest for you as generally, these “traders” are in fact scammers
  • As a general rule, it’s best to avoid interacting with people you don’t know on social media platforms, including Facebook. You have no real way of verifying someone’s identity through these platforms

Avoiding Instagram scams

  • Potential scammers usually attempt to send you a direct message on Instagram and will enter into a conversation with you around trading or “making money”
  • As mentioned earlier, it’s best to avoid any interaction with people you don’t know on social media platforms
  • Luno will never attempt to make contact with you via Instagram

Official social media platforms

Facebook Global
Facebook South Africa
Facebook Nigeria
Facebook Malaysia
Facebook Malaysia Community Group
Facebook Singapore
Facebook France
Instagram Global
Instagram Indonesia
Twitter
Twitter for customer support @LunoHelp
LinkedIn
Luno website
YouTube
Medium
Quora

Luno Expeditions Website
Luno Expeditions LinkedIn

Identify Phishing emails

Here are some tips on how to determine whether an email is legitimate or not:

1. Identify the sender

  • Always check the “from:” address in emails.
  • Ask yourself if you’re expecting an email from the sender?

2. Screen the links

  • Hover over any links to see the real website address they go to before you click on them
  • Images or buttons can also contain links to potentially malicious websites

3. Don’t trust attachments

  • If the email seems suspicious do not open any attachments
  • Attachments with malicious software can be disguised as documents, PDF’s or zipped files

4. These are the only official Luno email addresses we use for various types of communication with our customers:

A gentle reminder

  • We do not give financial or trading advice. Anyone doing this and claiming to be from Luno (or in partnership with Luno) is most likely trying to scam you
  • We will never (seriously, never ever) ask for your password, 2FA codes or one time pin. Please don’t share these with anyone – even if they say they work at Luno
  • We will never ask you to take any action on your Luno account through an SMS, aside from confirming your account initially with an OTP – please do not click on the links in these messages
  • You cannot call our customer support (or contact us on Whatsapp or Telegram), so if someone gives you a number to call or chat, it’s not Luno
  • Scammers tend to put pressure on potential victims to take action or share information with them – we will never do this. If you sense something suspicious is going on, please end all communication and contact us regarding your concerns
  • We charge very low fees for withdrawals, there are no other costs involved to take your money out of Luno
  • Luno cannot reverse cryptocurrency transactions as they are “irreversible” by design, unlike normal bank transactions

Remember the golden rule: if it sounds too good to be true, it is.

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