Tl;dr: The holidays are about connection, reflection, and giving thanks. They can also be a prime time for scammers to take advantage of our generosity and distraction. In this post, we walk through simple ways to protect your family from rising fraud threats around Thanksgiving and Black Friday.
This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners.
At Coinbase, we’re on a mission to help update the financial system to make it safer and more secure. While only 0.14% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illegal transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes Know Your Customer (KYC) checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to detect and prevent illicit activity on our platform.
Why Holidays Create the Perfect Storm for Scams
Thanksgiving kicks off a season full of online purchases, travel, and family interactions. Unfortunately, it also marks a spike in cybercrime, with scammers targeting consumers through fake promotions, tech support calls, and urgent financial requests. Black Friday alone sees millions of phishing attempts, many involving fake retailers or crypto wallet drainers.
If you're reading this, there's a good chance you're a crypto owner or someone who supports one. Protecting your financial assets means protecting the people you care about most.
Here are a few high-risk scam types to watch out for this Thanksgiving week:
1. Fake Family Emergencies
Scammers may impersonate relatives in need of urgent help, especially when travel is common.
Red flags: Messages or calls claiming someone is stranded, arrested, or needs help paying a hospital bill—with an urgent ask to send funds or gift cards.
Take Action: Always verify directly. Call or video chat with the person before taking action. Never send money to someone who refuses to speak with you live.
2. Holiday-Themed Phishing and Shopping Scams
Black Friday and Cyber Monday come with a flood of emails and ads—some real, some not.
Red flags: Fake order confirmations, ads with "crypto-only" payments, or QR codes directing you to unknown wallets.
Take Action: Shop only on verified platforms. Avoid paying with crypto unless you trust the recipient and confirm the website URL. If in doubt, go directly to the retailer's site.
3. Too-Good-to-Be-True Crypto Promotions
Around the holidays, scammers post fake giveaways or pretend to offer holiday bonuses in crypto.
Red flags: Social media ads offering to double your crypto, fake Coinbase login pages, or messages from impostor accounts.
Take Action: Coinbase will never ask you to send crypto to receive more in return. When in doubt, report the message and block the sender.
4. Elderly Targeting and Tech Confusion
If you're visiting older relatives this week, take a few moments to help them with their devices.
Red flags: New apps they don't recognize, recent messages from unknown senders, or requests involving payments by crypto or gift card.
Take Action: Help them check their devices for suspicious activity, enable MFA, and discuss common scams.
Don’t Let Scammers Crash Your Thanksgiving
Thanksgiving is about connection—and that includes checking in on each other’s safety. By staying alert, sharing information, and making small tweaks to how we shop and communicate, we can help prevent scams before they happen.
From our team to yours, we wish you a secure and scam-free Thanksgiving.
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