How to recognize phishing and what to do if your wallet is compromised – Bitvavo Help Center

Summary

Learn how to recognize phishing and scams. Find out what to do if you think your Web3 wallet has been compromised. Understand what Bitvavo Support can and cannot help you with in these situations.

Introduction

Bitvavo Support cannot assist in recovering funds or reversing transactions in cases of fraud, phishing, or scams involving your Web3 wallet. Because the wallet is non-custodial, you are fully responsible for securing your wallet. Support can help by explaining what may have happened, reviewing transactions using public blockchain data, and advising on how to secure your wallet and prevent further loss.

What to do if your wallet is compromised

If you suspect your wallet has been accessed by someone else, you must act immediately. Bitvavo cannot block a Web3 wallet or reverse on-chain transactions.

Move your funds immediately: If you still have access, transfer your funds to a new, secure wallet or back to your Bitvavo account as quickly as possible.
Stop using the wallet: Assume the compromised wallet is permanently unsafe.
Secure your environment: Scan your device for malware and update your operating system. Consider using a different, clean device for your new setup.
Create a new setup: Generate a completely new wallet and store your private keys safely. For maximum security, consider using a hardware wallet. More information about private keys can be found here.
Report the transaction: Follow the transaction using a block explorer and report the incident to your local authorities.

How to recognize a phishing scam

Phishing is designed to steal your private keys. Watch for these warning signs:

Requests for your private keys: This is the biggest red flag. No legitimate party, including Bitvavo, will ever ask for your private keys. If you share them, someone else gains full control over your wallet.
Urgent or threatening messages: Scammers use pressure, such as "your account will be blocked" or "act now", to make you act without thinking.
Suspicious links: Phishing sites often mimic real platforms. Always check the URL for small misspellings. When in doubt, navigate to the wallet yourself instead of clicking a link.
Too good to be true: Be wary of "free crypto", unsolicited airdrops, or high returns with no risk.

Warning: If you are unsure, assume it is unsafe. Always verify before signing any transaction. You are solely responsible for the security of your Web3 wallet and private keys. Bitvavo cannot provide support for stolen assets. Always keep your private keys secure and never share them with anyone.

Use a secure environment

The security of your wallet depends on the security of the device it is on.

Keep software updated: Ensure your phone’s operating system and the Bitvavo app are always up to date.
Use secure networks: Avoid using public Wi-Fi when managing your wallet or performing transactions.

Frequently asked questions

What happens if I sign a malicious transaction?

Once a transaction is signed and processed on the blockchain, it cannot be reversed. This means the funds involved may be permanently lost. Always review transactions carefully before approving them to help keep your wallet and assets secure. When sending larger amounts, consider performing a small test transaction first.

Can Bitvavo help me recover stolen funds from my Web3 wallet?

No, Bitvavo cannot recover stolen funds. Transactions on the blockchain are irreversible even by Bitvavo.