Avoiding Scams

One of the core principles at Flooz is to try our most to keep our users safe. We want to help you avoid these, so we made this brief guide to help you do exactly that!

  • With a Flooz wallet you are in total control of your money. Unlike a bank account or crypto exchange, we don't hold your assets. Rather, we give you a fresh and powerful interface through which you can easily navigate the world of crypto.
  • Because of this, it's extremely important for you to be on guard as you're exploring the world of Crypto. Just like in the traditional world of finance, there are sometimes bad actors and scammers looking to steal your stuff.

The good news is that it's not hard to stay safe. Here's how to do it!

Guard your seed phrase

You should never give this phrase to anyone, just like you wouldn't give away your login information to a traditional bank account.

Your seed phrase (sometimes called recovery phrase or secret phrase) is a unique set of words that controls your entire wallet. Whoever has a wallet's seed phrase can take anything contained within it.

Common Tricks to Watch Out For There are a number of common tricks scammers will use: 1. Asking you to ‘Validate your wallet’ to earn rewards - You don’t need to validate your wallet. Once you connect to a platform that ‘Validates’ your wallet you will lose all of your crypto. 2. Asking you to connect to a site to receive a free airdrop or reward - The saying ‘nothing in life is ever free’ should be used anytime you interact with crypto. Again, this will empty your wallet of any funds if you connect to websites offering free rewards. 3. Forced invitations are commonplace if you use Telegram. Scammers will invite you into a channel that looks to imitate a project you’re already following. You can easily tell the difference as the channel has a ‘report as spam and leave’ option at the top - Look out for this! 4. Don’t talk to strangers, you were probably told this growing up as a kid, and it’s never been more true. Anyone reaching out to you by DM who ask you questions about your investments, or offers free help… they’re not your fren, they want your cash. 5. Always double/triple-check any website you are connecting to. Never feel rushed or forced into making a decision as this is how scammers operate, they’ll put you in a position where you are in a rush and that’s when you make bad decisions. Slow down. 6. Never trade anything that is airdropped into your wallet from someone you don’t know, it’s likely that this has been done with malicious intentions. Some Crypto’s have been designed to allow access to your wallet if you authorise any transaction in an attempt to sell them.