Overview
Scammers call victims pretending to be PayPal, Venmo, or other payment platform support teams. They claim your account has been hacked or used for a suspicious crypto transaction, then guide you through steps that result in you purchasing and sending cryptocurrency directly to them.
How the scam works
Scammers create urgency by claiming they can help cancel a fraudulent transaction or secure your account. They keep you on the phone while walking you through a step-by-step process designed to steal your money.
Common tactics scammers use
Create false urgency — claim your account has been compromised or used for unauthorized crypto purchases
Impersonate legitimate support — pose as PayPal, Venmo, or payment platform security staff
Guide you through "security steps" — provide detailed instructions while keeping you on the phone
Request remote access — ask you to download apps like AnyDesk or TeamViewer to share your screen or control your device
What victims are told to do
Log in to their PayPal or other financial accounts
Visit a website to "cancel" a fraudulent transaction
Create or access a MoonPay account
Download remote access software to follow instructions on their phone
Important: These steps don't cancel transactions — they help scammers guide you through purchasing cryptocurrency that goes directly to their wallet.
What actually happens
When you follow the scammer's instructions, you're purchasing cryptocurrency and sending it to a wallet controlled by the scammer. The steps presented as "canceling a transaction" or "securing your account" are actually guiding you to:
Purchase crypto through your own account
Transfer funds to the scammer's external wallet
Provide account access through remote software
Note: Because cryptocurrency transactions are irreversible, stolen funds are typically not recoverable.
How to protect yourself
Hang up and verify independently — contact PayPal, Venmo, or your payment platform directly using official contact information from their website
Never download remote access software — legitimate support teams don't need to control your device
Don't act on urgent phone requests — scammers use pressure tactics to prevent you from thinking clearly
Verify before taking action — check your account directly through the official app or website, not through links provided by callers
Tip: Real payment platforms will never ask you to purchase cryptocurrency to resolve account issues.
FAQs
What should I do if I've been targeted by this scam?
What should I do if I've been targeted by this scam?
If you've already sent cryptocurrency to a scammer, contact your payment platform immediately and report the incident to local law enforcement. While crypto transactions are typically irreversible, reporting helps document the fraud.
How can I tell if a support call is legitimate?
How can I tell if a support call is legitimate?
Legitimate payment platform support will never pressure you to act immediately, ask you to download remote access software, or instruct you to purchase cryptocurrency. Always hang up and contact the company directly using official contact information.
Can I get my money back if I've sent crypto to a scammer?
Can I get my money back if I've sent crypto to a scammer?
Unfortunately, cryptocurrency transactions are irreversible by design. Once funds are sent to a scammer's wallet, they typically cannot be recovered. This is why scammers prefer crypto as a payment method.