Have you received a call or email to help you recover the balance “retained” in a crypto asset wallet? These contacts, most often made in English, are most likely a fraud attempt, warns the Bank of Portugal.

“The Bank of Portugal warns of fraud attempts in which, through telephone calls, emails or messages, mostly in English, the offenders pretend to be representatives of entities that allegedly manage investments in crypto assets or that are available to help in the recovery of crypto assets supposedly held by the victim”, the regulator begins by writing in a statement.

According to the Bank of Portugal, “the offender identifies the victim by name, seeking to reinforce the appearance of legitimacy of the contact, and informs that he has, in his name, a digital wallet with a positive balance, in an inactive state, which will imply the loss of the funds allegedly contained therein”, explains the regulator, adding that “it is likely that the author of these contacts does not represent any entity managing crypto asset portfolios”.

“To reactivate the wallet and supposedly recover the funds invested in crypto assets, the victim is induced to make payments,” explains Banco do Portugal, adding that, to give greater credibility to the scheme, the offender may provide access to an online platform, where the victim can see the fictitious balance of their digital wallet.

This platform provides the evolution of the balance, which may “appear to be an increase in the value of the wallet, leading the victim to make new payments to reinforce it, in search of high returns.”

“It is likely that both the digital wallet and the online platform that is made available are fictitious,” concludes the regulator’s warning, where it recommends that investors do not make payments to reactivate accounts or reinforce wallets.

Banco de Portugal also advises people who suspect they may have been victims of fraud to contact the competent criminal police agencies (PSP, GNR or PJ) or the Public Prosecutor’s Office.