Overview
Scammers may call pretending to be PayPal, Venmo, Revolut, a bank, or another payment platform’s support or security team. They often claim your account has been hacked, charged incorrectly, or used for a suspicious crypto transaction.
They then pressure you to act quickly and follow a series of steps that actually lead to you buying cryptocurrency and sending it directly to the scammer.
How the scam works
Scammers create urgency by claiming they can help cancel a fraudulent transaction, reverse suspicious activity, or secure your account. They often keep you on the phone while guiding you through a step-by-step process designed to steal your money.
In some cases, they may claim the issue involves your PayPal account, Venmo account, Revolut Pay, or bank account. The goal is the same: to get you to move money under their control.
Common tactics scammers use
Create false urgency by claiming your PayPal, Venmo, Revolut Pay, bank, or financial account has been compromised
Impersonate legitimate support by pretending to be from PayPal, Venmo, Revolut, your bank, or a payment platform’s security team
Guide you through fake security steps while keeping you on the phone
Request remote access by asking you to download software like AnyDesk so they can watch your screen or control your device
Direct you to move money by telling you to transfer funds, approve payments, or buy crypto to “protect” your account
What victims are told to do
Scammers may instruct victims to:
Log in to PayPal, Venmo, Revolut or bank accounts
Visit a website to “cancel” or “reverse” a suspicious transaction
Create or access a MoonPay account
Download remote access software so they can follow instructions on a phone or computer
Move money between accounts as part of the fake “security” process
Buy cryptocurrency to supposedly reverse or stop fraud
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 may be guided to:
Buy cryptocurrency using your own funds
Send crypto to a wallet controlled by the scammer
Transfer money from your bank account as part of the scam
Give the scammer visibility into your accounts through remote access software
The scammer may describe these steps as “reversing a charge,” “blocking fraud,” or “securing your funds,” but in reality, they are stealing your money.
Note: Cryptocurrency transactions are irreversible, which means stolen funds usually can’t be recovered.
How to protect yourself
Hang up and verify independently by contacting PayPal, Venmo, Revolut, your bank, or the payment platform directly using official contact information from its website or app
Never download remote access software for a caller claiming to be from support
Don’t act on urgent phone requests because pressure is one of the scammer’s main tactics
Check your account directly through the official app or website, not through links or instructions from a caller
Be cautious of requests involving crypto because legitimate support teams will not ask you to buy or send cryptocurrency to resolve account issues
Contact your bank immediately if you think you shared bank information or moved money because of a scam
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?
Stop communicating with the caller right away. Then contact PayPal, Venmo, Revolut, your bank, or the relevant payment platform using official contact details from their website or app. If you already sent cryptocurrency, report the incident to the relevant platform and local law enforcement.
What if I gave the scammer access to my bank account or banking app?
What if I gave the scammer access to my bank account or banking app?
Contact your bank immediately. Ask them to review recent activity, secure your account, and help you take any necessary fraud-protection steps.
How can I tell if a support call is legitimate?
How can I tell if a support call is legitimate?
Legitimate support teams will not pressure you to act immediately, ask you to download remote access software, or instruct you to purchase cryptocurrency. If you’re unsure, hang up and contact the company or bank 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?
Cryptocurrency transactions are generally irreversible by design. Once funds are sent to a scammer’s wallet, they usually can’t be recovered.
Why do scammers mention crypto in these calls?
Why do scammers mention crypto in these calls?
Scammers often use crypto because transactions are fast and usually irreversible. They may falsely claim that buying or sending crypto is part of stopping fraud, but it’s actually how they steal the funds.