Call forward scams and crypto: What Ndax users should know

Never follow phone instructions from someone who unexpectedly contacts you and says your crypto account, bank account, or phone number is at risk. Ndax will never ask for this information over the phone. Do not share codes or passwords with anyone for any reason. Hang up and contact Ndax directly using the official website or app if you believe your account has been compromised.

Key takeaways: Call forwarding and fake-support scams are designed to bypass your judgement, not your technology. The most common goal is to get you to share a code, change a phone setting, install remote-access software, or transfer crypto to an “approved” wallet controlled by the scammer. If you receive an unexpected call, hang up and verify independently using official channels before taking any action.

Call forwarding scams happen when fraudsters trick someone into redirecting their phone calls to another number. For crypto users, this can be especially risky because scammers may try to intercept verification calls, impersonate support teams, or pressure users into moving funds. Call forwarding is also often used alongside other account-takeover tactics, such as voicemail access attacks and SIM-swap attempts, which can increase the risk of unauthorised logins and password resets.

Phone scams are not new, but they are becoming more convincing. Fraudsters may spoof phone numbers, pretend to be from a financial institution, crypto platform, government agency, mobile provider, or law enforcement. Typically, fraudsters create a sense of urgency with the goal of establishing trust and then stealing money.

For crypto users, that matters because an attacker who takes control of your phone number, voicemail, or verification process is in a better position to try to reset passwords, approve login attempts, bypass account protections, or make a crypto transfer.

A call forwarding scam is a type of phone scam where a fraudster tricks you into activating call forwarding on your mobile or home phone. Once enabled, some of your calls may be redirected to a number controlled by the scammer.

The scammer may pretend to represent your phone provider, bank, crypto platform, delivery company, or a government agency. They may claim there is a security issue, a missed delivery, suspicious account activity, or a problem that needs to be addressed immediately.

The danger is that call forwarding can help scammers receive calls meant for you. Depending on the situation, this could include verification calls, account recovery calls, or calls from financial institutions trying to confirm activity. In some cases, scammers may also try to access your voicemail or convince your mobile provider to change account settings, which can further weaken account recovery protections.

Crypto transfers are different from most traditional financial transactions. Once a crypto withdrawal or blockchain transaction is completed, it may be difficult or impossible to reverse.

That is why phone-based scams are attractive for fraudsters. A fraudster does not need to hack a blockchain or break into a crypto platform; they take advantage of human psychology and social engineering. Pressuring people into sharing codes, changing phone settings, installing remote-access tools, or moving funds to a wallet the scammer controls is much easier.

The Canadian Anti-Fraud Centre and the Canadian Investment Regulatory Organization have warned about sophisticated scams that often involve extended communication and may end up with victims being pushed into crypto-related investment schemes.

1. Call forwarding scams

In this scam, the caller may ask you to dial a code, change settings, or “verify” your phone service. What you may actually be doing is unknowingly enabling call forwarding.

Once call forwarding is active, the scammer may try to receive calls intended for you. This can create risk if your phone number is connected to financial accounts, recovery steps, or security checks.

2. Number spoofing

Number spoofing happens when a scammer makes a call appear to come from a trusted phone number. The caller ID may display your bank, mobile provider, crypto platform, government agency, or a local number. Scammers can use spoofing to make the call look trustworthy.

Caller ID alone should never be considered proof the call is legitimate. 

3. Fake crypto support calls

A fraudster may pretend to be from your crypto exchange or wallet provider. They may act with urgency and claim your account has been compromised, your funds are at risk, or you must “secure” your assets immediately.

They may also ask you to share a verification code, reveal account details, install software, or transfer crypto to what they describe as a “secure wallet.” Ndax will never ask users to confirm sensitive account information or move crypto to an external wallet.

4. Fake bank or payment-provider calls

Some scammers pretend to be from your bank and claim there is suspicious activity linked to crypto purchases or transfers. They may use this as a way to obtain personal information, online banking access, card details, or verification codes.

They may also transfer you to another scammer pretending to be from a crypto platform, regulator, or even a police department.

5. Fake law-enforcement calls

Scammers may impersonate law enforcement bodies and claim your account is under criminal investigation. They may threaten arrest, fines, account freezes, or legal action unless you cooperate immediately.

FINTRAC has warned that scammers may also misrepresent government services or personnel to access personal and financial information.

6. Recovery scams following a crypto loss

After someone has already lost money to a crypto scam, fraudsters may contact them again pretending they can recover the funds. They often claim to be investigators, blockchain experts, recovery agents, regulators, or lawyers.

This is a common second scam. The Canadian Anti-Fraud Centre warns that fraudsters may impersonate its representatives and claim they can help recover money from a previous fraud.
 

Be cautious if someone calls you unexpectedly and:

• Says your crypto, bank, or phone account is in danger.
• Asks you to share a two-factor authentication code, password, seed phrase, or similar.
• Tells you to enable call forwarding or dial a code on your phone.
• Asks you to install remote-access software.
• Pressures you to transfer crypto to a “safe,” “secure,” or “temporary” wallet.
• Claims to be from a regulator, police agency, tax authority, or fraud department and demands urgent action.
• Tells you not to speak with your bank, family, crypto platform, or law enforcement.
• Uses threats, secrecy, urgency, or emotional pressure.
• Says you must pay in crypto, gift cards, wire transfer, or any hard-to-reverse method.
   

Do not press numbers, dial codes, share verification codes, or follow instructions from the caller. Hang up and do not continue the conversation.

Contact the company directly using its official website, mobile app, or verified phone number. Do not rely on a phone number provided by the caller.

Check your phone settings to make sure call forwarding was not enabled. Contact your mobile provider directly if you are unsure. If you use voicemail, review your voicemail PIN and security settings as well.

Review your crypto account activity, email account activity, and phone-provider account activity for anything unusual. If you see suspicious login attempts, password reset emails you didn’t request, or unexpected device prompts, treat it as a potential account takeover attempt.

Report the incident to the Canadian Anti-Fraud Centre. The CAFC says fraud and cybercrime can be reported online, and it also provides a toll-free reporting line at 1-888-495-8501.

Use multi-factor authentication where available, but remember that no single security tool is perfect. Be especially careful with any call or message asking you to reveal a code or approve an action you did not initiate.

Keep your email secure. Your email account is often used as a recovery point for other accounts, including financial and crypto accounts.

Avoid sharing personal details publicly that could help scammers impersonate you or answer account recovery questions.

Never assume a caller is legitimate because they know your name or personal information. Scammers can obtain partial information from data breaches, social media, phishing attempts, or previous scams. When possible, use account security settings that reduce reliance on phone-based recovery.

Ndax will never ask users to share their password, two-factor authentication code, or sensitive account credentials over the phone. You should never move crypto to an external wallet because a caller tells you your account is at risk.

If you are unsure whether a message or call is legitimate, stop the interaction and contact Ndax through official channels.

Crypto account safety depends on more than market awareness. It also depends on protecting your phone number, email, passwords, and recovery methods from social engineering.