Avoiding cryptocurrency scams

Note: As a precautionary measure, we will always post any event from which you can win a prize on our blog.

As interests in cryptocurrencies and their utility to the average African becomes more obvious, scams relating to crypto are also on the rise.

Like most legitimate exchange platforms, Yellow Card deals with incessant attacks from scammers. As a platform that prioritizes the safety of our customers’ data and funds, we keep working round the clock to ensure that our users and potential customers do not fall victim to these scams. 

Because financial literacy and education levels can be low where people need access to our services the most, unbanked communities can be the worst affected by this criminality. 

While we continue to strengthen our systems, it is important to keep our customers informed as to the threats that they may face. Here are a few ways to protect yourself from scammers.

How to protect yourself

Do not share your Yellow Card password with anyone on the internet.

One of the ways we’ve noticed that scammers operate is to pretend to be a Yellow Card support agent on social platforms like Facebook, and request for personal details like your password, BVN, bank statement or any means of identification. 

Please note that no Yellow Card personnel would ask for any of your personal details on social media regardless of any issue you might have with your account. The most secure way to make a complaint is by sending a mail to us at [email protected].
  • Do not reply to any message in your social media inbox from a “Yellow Card Agent”:
    • Yellow Card Is not an investment scheme. We never offer investments of any kind.
    • We are not involved with Foreign Exchange. We Only offer Personal Accounts to users to buy, sell and trade Cryptocurrency. Anyone claiming otherwise Does Not represent Yellow Card.
    • Yellow Card is a Cryptocurrency exchange platform ONLY. We Will NEVER ask you to send your money to us so we could invest (or trade) on your behalf.
    • If you get such messages, do not hesitate to report the account and block them.
  • Do not send your funds to anyone to deposit on Yellow Card on your behalf: 

Our platform is designed for easy and safe use by anyone; we would never ask you to send your money or crypto outside the platform. To use Yellow Card, simply visit www.yellowcard.io and sign up (or log in, if you already have an account). That way, you can securely fund your account and keep your funds safe.

  • Only engage with the real Yellow Card accounts on social media: We have seen an increase in fake accounts created on our name with the aim of deceiving unsuspecting users with fake giveaways and other promos.

    To not fall victim to any of these scams, kindly ensure to check that the account username corresponds exactly with the following:
    Twitter - @yellowcard_app
    Instagram - @yellowcard_app
    Facebook - @yellowcardapp

The Yellow Card Page on Facebook has over 6000 followers. Most of the scam pages do not have these numbers as they are usually opened recently. Also, if in doubt, send an email to our customer support at [email protected].

  • Be careful of social media giveaway scams: 

While we reward our customers by occasionally running activities where you can stand a chance to win something, we will never ask you to deposit any money or crypto in any wallet before you can win a prize.

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