A rule of thumb is: if something online sounds too good to be true - it usually is fake.

There are two main tactics scammers use:
  • lure you in to send them Bitcoin by promising something in return,
  • steal your account details to access your Bitcoin wallet and transfer everything out themselves.

Ponzi schemes and trading scams
Just like in the real world, criminals online are very creative when it comes to luring people's money out. It is relatively easy to disguise a scam online as a legit business. Ultimately, most of them follow a very similar pattern: they offer you to invest/trade with your cryptocurrency and promise crazy returns you've never seen before. Always ask yourself if you would trust a stranger in the street asking you to invest in their business on the spot? 

Phishing and social engineering
Fraudsters use various methods to steal sensitive information and use it to access your account. Here are a few tips that will help to identify and protect against phishing:
  • You might receive an email disguised as coming from Mode. Always check whether sender address matches our domain. Also, we will never ask for your passcode. If you receive a phishing email, don't interact with it in any way, don't click links or reply.
  • Sometimes fraudsters try to replicate the website, disguise as a legit business and ask for account details. Always check if the domain of the website is modebanking.com. If it is anything else, immediately leave the website and let us know.
  • You might receive a call from a person disguised as an employee of Mode. Be vigilant and keep in mind that we will never ask for your passcode or any confidential information.
  • Sometimes scammers try and persuade you to do what they want by threatening to close an account or reduce your wallet balance. We will never threaten you or your account in any way.

You can find more information about phishing and online scammers here: https://www.phishing.org/what-is-phishing