Beware of Scams: Protect Yourself from Fraudsters Impersonating CoinDCX

In the rapidly evolving world of crypto, scams are becoming increasingly sophisticated. Recently, there have been instances of fraudsters using the CoinDCX brand to deceive unsuspecting individuals. As a responsible crypto exchange, CoinDCX is committed to your safety and security. Here’s how you can protect yourself from these scams and what measures we have in place to help.

How the Scam Works

Initial Contact

Scammers reach out to users through social media platforms such as Telegram and WhatsApp, often impersonating CoinDCX representatives. These initial contacts may appear trustworthy, using familiar logos and language to gain your confidence.

Request for Reviews

They ask users to submit Google reviews or ratings for various services. For example, scammers might ask you to review a hotel or a crypto investment opportunity that does not exist. This tactic aims to build a rapport before moving on to more deceptive practices.

Fake Investment Links

After completing the review, scammers provide a link to a fake CoinDCX website and encourage you to invest money. This fake website is not affiliated with CoinDCX and can easily be mistaken for the real site if you aren’t careful.

Incremental Payment Requests

Scammers start by asking for small amounts and gradually increase their demands, using different UPI IDs, URLs, and bank details. This tactic keeps victims engaged while draining their funds over time.

Refusal to Withdraw

When users attempt to withdraw their money, scammers provide excuses and refuse to return the invested funds, claiming errors or issues with the transaction. This creates a frustrating situation for users, who often feel helpless in recovering their money.

Real-Life Example

One user shared their experience when they were repeatedly asked for more money to withdraw their initial investment. Scammers used various tactics, including fake notices and agreements on CoinDCX letterhead, to pressure the user into complying with their demands.

Key Takeaways

1. CoinDCX Will Never Ask for Money: We want to make it clear that CoinDCX will never contact you on social media to ask for money, investment, or personal information. Any such request is a clear indication of a scam.
2. Official Communication Channels: All official communications from CoinDCX will come through our verified channels. Our official website is www.coindcx.com, where you can always verify any information.
3. Report Suspicious Activity: If you receive any unsolicited messages claiming to be from CoinDCX, do not respond. Report and block such contacts immediately. Please reach out to us at [email protected] so that we can take action against such bad actors. 
4. Ensure Authentic App Links: Only use and interact with official CoinDCX App links from the App Store or Play Store. For all the latest updates, visit the official CoinDCX X page: x.com/CoinDCX.

How to Stay Safe

Verify the Source

Always check if the communication is from an official CoinDCX channel. Look for verified badges on social media platforms. If something seems off, it probably is.

Do Not Share Personal Information

Never share your personal or financial information with anyone claiming to be from CoinDCX on social media. Our representatives will never ask for sensitive information through these channels.

Report Scams

If you come across any suspicious activity, report it to CoinDCX support immediately. You can do this through our app or website. Your prompt reporting can help us take necessary actions to protect other users.

If Interacted on Genuine CoinDCX App

If you have interacted with our genuine CoinDCX app, first, open the app (available on Play Store or App Store) and raise a query. Click here to raise your query. Then, wait for our customer support team to get back to you. Cooperate with them to help resolve your query effectively.

If Interacted on Fake/Unofficial Platforms (Social Media/App)

If you believe you have interacted with a scammer on a fake or unofficial platform, here are the steps you should take:

1. File a Complaint at Your Local Police Station:
   • Procedure: Visit your nearest police station and draft an official complaint or letter summarizing the scam.
   • Documents to Carry:
     • Copies of emails or messages received.
     • Screenshots of the fake website and transactions.
     • Bank statements showing the transactions.
   • Explain the situation in minute detail to the officer on duty.
2. Visit the Cyber Crime Website:
   • Navigate to cybercrime.gov.in.
   • How to File a Complaint:
     • Register or log in if you already have an account.
     • Click on “Report Other Cyber Crimes.”
     • Select “Report Financial Fraud” and choose “Online Fraud.”
     • Fill in the required details: Name, contact information, and details of the fraud.
     • Attach relevant evidence: Screenshots, transaction details, and communication records.
     • Review and submit the complaint.

Legal Measures Against Misuse

At CoinDCX, we’re constantly building towards creating a safer crypto ecosystem for you. Recently, the Hon’ble High Court of Delhi has awarded an interim injunction against unknown individuals misusing the name and logo of CoinDCX. The Hon’ble Court has clearly called out that the use of CoinDCX’s name and logo requires permission from CoinDCX. The Court further opined that any unauthorized use could cause “irreparable loss and injury” to CoinDCX. This legal action underscores our commitment to protecting our brand and users.

Conclusion

Your safety is our top priority. We urge you to remain vigilant and cautious of fraudulent schemes. By following these guidelines and understanding the steps to take when facing potential scams, you can protect yourself and your investments. CoinDCX is committed to maintaining a secure and trustworthy environment for all its users.

Stay safe and informed!