Common types of cryptocurrency scams and how to avoid them (OTC)

If you are a buyer

You have sent a FIAT currency payment to a seller. The seller claims that he has not received your payment. Open a dispute or contact the CoinCola Online Service to resolve this problem. The seller’s cryptocurrency assets will be held in the trade escrow during this period.

If you are a seller

During a trade, a buyer has marked payment as completed but you have not received the money. Open a dispute or contact the CoinCola Online Service to resolve this problem. Your cryptocurrency assets will be held in the trade escrow during this period.

Forged or fake payment confirmation

A fraudulent buyer may use fake payment confirmations or forged bank messages to pretend that they have sent a payment. At the same time, the fraudulent buyer may also try to contact you to prove they have paid. Ensure that the realname of the user you are trading with matches the name on the payment account. Always verify incoming transactions in your own account before releasing cryptocurrency assets.

Alipay’s ‘Request Money’ feature

Alipay’s ‘Request Money’ feature may be used by fraudulent buyers to deceive sellers into thinking the request is a payment confirmation. Please verify payments in your personal account before releasing assets to buyers. Due to the irreversible nature of cryptocurrency transfers, once you have released cryptocurrency to buyers, they will not be recoverable.

Delayed transfer (Alipay and WeChat)

Fraudulent buyers using Alipay or WeChat may use the ‘delay transfer’ function to deceive sellers into thinking a transfer has been completed. Please verify payments in your account before releasing assets to buyers.

Transactions outside of CoinCola

A user may suggest using an unsupported transaction method outside of CoinCola. Please weigh any risks before deciding to use any payment methods outside of CoinCola. CoinCola is not be liable for any transactions that occur outside of our platform.

Phishing websites

Phishing websites are often registered with similar-sounding domain names e.g. ‘coinc0la.com’ or ‘c0inc0la.com’. When logging in to your CoinCola account, please check the URL in the browser's address bar reads ‘coincola.com’ or 'coincola.app'. You can add the https://www.coincola.com or https://www.coincola.app web page to your bookmarks collection to avoid visiting any phishing websites.

Third party fraud

When fraudulent buyers place an order with a user selling cryptocurrency, they may use stolen third party payment information to complete the transaction. If you receive payment from a third party account, it is highly probable that the account in question will be frozen. After receiving payment from another user, always check the name of the user matches the name on the incoming payment account exactly.

If you encounter any of the situations above, please contact the CoinCola Online Service immediately.