The 5 most common crypto scams in Finland
Crypto scams keep evolving, but the basic structure repeats from case to case. The table below collects the forms that come up again and again in reports from authorities and consumers.
| Scam type | How it works | Warning sign |
|---|---|---|
| Rug pull | The developers of a new coin pull out the liquidity and disappear as soon as enough buyers have joined | Anonymous team, unlocked liquidity, aggressive social media marketing in a short time |
| "Crypto consultant" phone scam | The caller promises a guaranteed return and asks you to install remote access software "to manage the investment" | Guaranteed return, urgency, request for remote access |
| Romance scam ("pig butchering") | A long-term relationship of trust is built through messages before the victim is steered to a fake investment platform | You meet an "investor" on social media or a dating app who gradually starts talking about investments |
| Fake exchange clone | A pixel-perfect copy of a real exchange's site on a slightly different domain | The URL differs by one letter; you found the site via an ad or email link |
| Ponzi-type "guaranteed return" scheme | Earlier investors' returns are paid with new investors' money until the cash flow dries up | Returns don't depend on the market; requires constant recruiting of new investors |
How the FIN-FSA helps prevent crypto scams in Finland
The Finnish Financial Supervisory Authority (FIN-FSA) maintains a warning list on its website of scams and unauthorised service providers that come to its attention, and the list is updated continuously as new cases are found.
We don't repeat individual names here because the list changes. Always check the current situation directly on the FIN-FSA's warning lists before transferring money to an unfamiliar service.
Source: FIN-FSA: crypto-assets for consumers
The basic rule of thumb is simple: if a service offers crypto services in Finland without an EU MiCA licence, it is operating without authorisation. You can check the licence in the FIN-FSA's list of supervised entities or in ESMA's MiCA register; see is crypto legal in Finland. All the crypto exchanges presented on this site are in the registers, but check this yourself before using any new service.
Crypto scams: the most common warning signs
- Guaranteed returns: no legal investment can guarantee a return, let alone figures like "10% a week".
- Hurry and pressure: the scammer wants a decision now, not tomorrow. A genuine investment never comes with this kind of urgency.
- Request for remote access software: no genuine support team needs direct access to your computer to see your account.
- The service has no MiCA licence: always check before transferring money.
- Only crypto payment accepted: if the only payment method is a crypto transfer to an irreversible address, the risk is exceptionally high.
Scammers also use the names of real websites and media, including ours. See our impersonation warning.
What should I do if I realise I have been scammed?
First contact your own bank if money has moved from your bank account; in some cases the transfer can still be stopped or traced. Then report the crime to the police online, and save all messages, receipts and wallet addresses before you close any accounts. Crypto transfers usually cannot be reversed afterwards, but a report helps the authorities link cases to wider scam networks.
Source: Finnish Police: report a crime
Example: a phishing email sent in the name of an exchange
A typical phishing message claims to come from a familiar crypto exchange and warns that the account will be closed because of an "unusual login" unless the recipient logs in via the link in the message within 24 hours. The message can look tidy, with the logo and fonts often almost right.
The scam is usually given away by two things: the sender's address is a different domain from the exchange's real one (for example "exchange-verify.support"), and the link leads to a page whose URL differs from the real one by one letter. Don't click the link; always log in by typing the address yourself or using the exchange's own app.
Report the message to the exchange's customer service and to the National Cyber Security Centre Finland. If money or credentials have already been exposed, also report it to the police.
Example: a scam call pretending to be the exchange's technical support
In a typical scam call, the caller introduces themselves as a representative of a crypto exchange's "security team" and claims suspicious activity has been detected on your account. The call quickly moves to a request to install remote access software "to protect the account" or to read out a two-factor authentication code.
At this point, hang up. Genuine support never needs remote access to your computer and never asks for a 2FA code over the phone. If you have already given out information, change your password and two-factor authentication immediately and report the number to the exchange's official customer service.
Prevention is cheaper than falling for a crypto scam
Most of the scams listed above only succeed because the victim doesn't have time or know to stop and check. Practical security habits, such as using a proper authenticator app, bookmarking addresses and healthy suspicion of unexpected contacts, reduce the risk significantly.
If a crypto scam succeeds despite this, the fault is not the victim's alone: scam techniques evolve all the time and some are extremely convincing.
Crypto scams in Finland: frequently asked questions
What is the most common form of crypto scam right now?
Phishing is still the most common single form: the scammer tries to get the victim to log in to a fake but genuine-looking site in order to steal login details, 2FA codes or the wallet recovery phrase. Rug pull disappearances are common specifically with new, unknown coins.
Does any genuine service provider ever ask for my wallet recovery phrase (seed phrase)?
Never, under any circumstances. The recovery phrase gives full control of the wallet, and no genuine exchange, wallet manufacturer or support person needs it to see or fix anything. If someone asks for it, by phone, email or chat, it is always a scam.
Can a crypto transfer be reversed if I sent money to a scammer?
In practice no. Blockchain transactions are final and cannot be cancelled or frozen in the same way as a bank transfer. That is why reporting quickly to the police and to any exchange (if the funds ended up in its wallet) is the only way to try to trace the funds, but success cannot be promised.
How can I recognise a fake crypto exchange website?
Always check the address bar letter by letter: fakes often use an almost identical domain with one letter changed or added. Also check whether the service holds a MiCA licence (the FIN-FSA list of supervised entities or ESMA's MiCA register), and log in from your own bookmark rather than a link from a search engine or email.
Is falling victim to a crypto scam shameful or rare?
Neither. Scam techniques evolve constantly and some are professionally designed to fool experienced users too. Reporting quickly helps both you and the authorities link cases to wider scam networks.
Can two-factor authentication (2FA) prevent scams completely?
It reduces the risk significantly but doesn't remove it completely: if a scammer gets both the password and the 2FA code in real time (for example by asking over the phone), the protection fails. That is why you should never read the code out loud or enter it anywhere other than the service's own login window.
This content is general information, not investment advice.
