At Wayex, we take scam prevention and user protection seriously. Unfortunately, there has been an increase in scams within the crypto space and it’s always important to stay alert. For example, Australians lost $205mil to investment scams in 2022. It is incredibly difficult to prevent every single scam, but we will be doing our best to help prevent as many as possible.

We'll be keeping this article up to date with the freshest scam news, so make sure to swing by regularly! If you ever find yourself in a sticky scam situation or suspect you might be getting scammed, please don't hesitate to reach out to our 24/7 live chat support team.

Unexpected requests for personal or financial information through email, phone calls, or messages.

If an investment platform, mentor, account manager or similar, asks you to lie to us (Wayex) at any point in time for whatever reason, then they are most definitely scammers that are trying to take advantage of you.

High-pressure tactics that create a sense of urgency or fear, urging you to act quickly.

Suspicious emails or messages containing spelling or grammatical errors, unusual sender addresses, or unverified links.

Offers that seem too good to be true, promising quick and guaranteed returns or prizes.

Requests for upfront payments, fees, or investments before receiving a product, service, or promised funds.

Unsolicited investment opportunities or endorsements from unknown sources, especially if they involve celebrities.

Remember, prevention is key. Stay informed, trust your instincts, and always double-check before sharing personal or financial information or engaging in any financial transactions.

In this scam, things start off fishy as they show you some suspiciously inflated investment numbers. When you finally decide to cash out and withdraw your hard-earned funds, here comes the catch... they'll demand you to pay various fees or taxes before they supposedly release your money. But it doesn't end there, because even if you do pay up, they'll find a way to ask for more, claiming they made a mistake in their calculations or they'll simply start ghosting you altogether. Stay alert and keep your guard up against this sneaky scheme!

Wayex operates independently and doesn't team up with any other companies or platforms for investment purposes. So, if you ever receive a suspicious request to set up a Wayex account solely for the purpose of transferring funds into some other investment platform, you better think twice. This is most likely a scam!

The giveaway scams are not exclusive to us, there are many companies and personalities being impersonated and used for fake giveaways.

Here's what happens: Impersonators create social media accounts posing as Wayex and dangle the temptation of irresistible giveaways, usually a large amount of crypto that could be life changing for you. Their clever tactic? They sweet-talk you into depositing funds, luring you with promises of tripling your money or asking for a deposit to supposedly "verify" your wallet.

Do not fall for this! These are empty promises. These are nothing but fraudulent schemes designed to deceive you. Remember, we would never ask you for such deposits, promising to increase your investment, or engage in such suspicious activities. So stay vigilant and steer clear of these imposter giveaways.

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Here's what happens: You come across an enticing ad on social media or elsewhere on the internet, featuring a snapshot of a celebrity (think Gina Rinehart, David Koch, Tracy Grimshaw, or even Elon Musk) promoting a seemingly lucrative investment opportunity. But here's the catch—the celebrity's image is shamelessly exploited without their consent. The photo is used without their permission.

Next, you're instructed to leave your contact details and then you're swiftly connected to an investment advisor, account manager, broker, or someone of the like. They then persuade you to make payments to an investment platform. Initially, you may witness a skyrocketing surge in the value of your so-called "investment." However, when the time comes to withdraw your hard-earned funds, things take a turn for the worst. They demand multiple fees or worse, they abruptly cut off all communication with you, leaving you with little to no chance of recovering your funds.

Don't fall for this! Stay vigilant and remember, genuine investment opportunities don't rely on fake celebrity endorsements. Protect yourself from financial harm and steer clear of these fraudulent traps.

Imagine this: you check your inbox and stumble upon an email that claims to alert you about a grave 'error.' The scammer behind this scheme strategically employs a barrage of lengthy words and technical jargon, hoping to baffle and confuse non-technical people. Panic sets in as they cunningly insist that transferring funds is the only solution to resolve this alleged issue.

Don't let the panic cloud your judgement! Stay sharp and don't fall for their manipulative tactics. Remember, genuine organisations won't employ such deceptive strategies. Keep your guard up and protect yourself from these scammers who prey on your fears. Don't let them take advantage of you or your hard-earned money!

Another common tactic used by scammers is impersonating or pretending to be reputable crypto company employees, which is what happens in the example below.

Always remember that we, at Wayex, never initiate contact with customers to request trades or transfers. Legitimate Wayex communication will always come from emails ending in @wayex.com

Please remain alert for spelling mistakes and poorly written English in suspicious emails. If you have any doubts about an email's authenticity, don't hesitate to reach out to us first for verification.

Your safety is our utmost priority. By staying informed, exercising caution, and working together, we can effectively counter potential scams and ensure the security of your investments.

Thanks for reading and increasing your awareness of scams. We will continue to provide more valuable scam information to keep you well-informed and protected.

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Again, stay vigilant Wayex users!! If you have any questions, concerns, or if you feel like you may be getting scammed, then please reach out to our 24/7 live chat support team. They'll investigate further and help you out as much as possible!