Cryptocurrency is attractive to scammers for the same reasons it appeals to many other people: it allows for fast, irreversible payments. At the same time, this is a relatively new technology, so scammers can exploit gaps in your knowledge of crypto.
We want you to be safe, and knowledge is power, so we’ve put together a few examples of scams we’ve seen:
Luno impersonators
We’re a cryptocurrency platform trusted by millions of customers worldwide. To leverage this trust for themselves, scammers might claim to work for Luno as traders, agents or account managers to get you to send them money or grant them control of your account.
How to spot an impersonator
People pretending to work for Luno will:
Message you directly on WhatsApp, Telegram or LinkedIn, or DM you on social media pretending to be a Luno employee or trader
Contact you from a non-Luno email address, such as Gmail, Hotmail, or Yahoo
Ask for access to your Luno account or bank account
Offer to trade on your behalf or manage your Luno account
Promise guaranteed profits
Luno does NOT:
Employ traders or account managers who trade on our customers’ behalf
Offer financial or trading advice
Guarantee profits
Contact you directly on WhatsApp or Telegram or from a personal social media profile
Ask you to grant us access to your account or to authorise transactions for us
Luno will only ever contact you via:
- Your Luno app
- Official Luno email addresses
- Official Luno social media accounts
Tip
If someone claims to work with Luno and wants to help you make money - they’re a scammer. Block them and report them on the social media network or to your email provider.
If you get a suspicious message, email or call from someone claiming to be from Luno, report it to us immediately.
Phishing SMSs
How they work
You receive an SMS that you weren’t expecting telling you to update, verify or validate your Luno account
The SMS often threatens to block, suspend or deactivate your account if you don’t perform an action by clicking on the link in the SMS
The link will direct you to a fake Luno website. When you try to sign in to this fake site, you’ll get an error message - but the scammer has just collected your sign-in credentials
You'll then receive a call from someone claiming to be from Luno who’ll offer to help you update, verify or validate your account
They’ll trick you into giving them your OTP or 2FA code, or trusting their device
Later, the scammer will sign in to your account and steal your money
Tip
Learn more about what a phishing scam is and how to protect yourself against it.
Frequently asked questions
How do they know I have a Luno account?
They don't. Scammers send the same SMS to a large list of random phone numbers, with the hope that at least some of those numbers belong to Luno customers. Many people who receive the message don’t even have a Luno account.
How did they get my number?
There are a few possibilities - data leaks, telemarketing lists, random mobile number generators, etc. One thing we can say for sure: they didn’t get your number from us. We take your privacy and security extremely seriously, and we’ve never had a data breach of customer information.
Social media "traders"
How they work
A scammer will contact you on social media offering to trade cryptocurrency, binary options or Foreign Currencies (FX) on your behalf
They may pose as a Luno representative
They’ll promise you amazing returns in a short timeframe (Earn R15,000 in 7 days by investing only R1,000, or doubling your investment in 48 hours)
After a few days, they’ll share screenshots (or even link you to a website) showing you the “profits” you’ve made
How you’ll know it’s a scam
There’s always a catch. Don’t believe any promises that you can make a lot of money very quickly. Traditional investments return between 1% and 10% per year - anything more than that is too good to be true.
They’ll tell you that you need to pay a fee before they can release your “profits” to you. Here’s a list of fees that scammers might require you to pay
- To pay these fees, they’ll ask you to send crypto to a non-Luno wallet address, which usually means that Luno can’t recover the funds
They’ll say you need to “top up” your wallet to increase your investment and upgrade your account
Once you’ve made the payment, they’ll inform you of even more hidden costs you need to pay, or they’ll simply block you and disappear
Tip
Learn how to stay safe from crypto-related scams on social media.
Crypto receive scams
How they work
You receive an email or message that you weren’t expecting, stating that you’ve “received” or “won” crypto. However, you need to complete one of the following actions to receive the funds:
Clicking a link that might look just like Luno (but it takes you to a fake website)
Downloading an attachment (which will install a virus on your device)
Paying a fee to receive the funds
Tip
Be sceptical of free money. If you haven’t recently bought crypto, redeemed a promo code, or asked someone to send you crypto, then there’s no reason you’d be getting a message about crypto being added to your Luno wallet.
To learn how to keep your money safe from scams, visit the Security category in our Help Centre.
Fake Luno desktop app with XRP rewards
We’ve received reports of a fake Luno desktop application promoting XRP rewards. This application is not affiliated with Luno and may be used by scammers to gain access to your account or personal information.
For your security, only download the Luno app from official app stores:
- Google Play Store (Android)
- Apple App Store (iOS)
If you prefer to use Luno on a computer, access it securely through the official website: www.luno.com
Never download desktop applications claiming to be from Luno unless they are provided directly through our official channels.
What to do if you downloaded or installed the fake app
If you have downloaded or installed the fake application, take the following steps immediately:
- Uninstall the fake application from your device
- Secure your Luno and personal email accounts by enabling Trusted Devices, Two-Factor Authentication (2FA) and Passkeys
- Sign out of all active sessions on your email accounts to prevent unauthorised access
- Format your device as a precaution against potential persistent malware
- Delink your 2FA from any cloud backups (if applicable) to prevent attackers from restoring your authentication codes
Taking these steps as soon as possible will help protect your accounts and prevent further unauthorised access. If you believe your Luno account may have been compromised, contact Luno Support immediately.