OTC scam prevention: fake support, unusual quotes and transfer risks

An attractive quote still requires checking the counterparty

OTC is a way of trading over the counter, not a guarantee of safety. A physical address, years in business, online reviews or social media follower counts cannot replace checking the counterparty and settlement details of the particular trade. Do not rush to pay or transfer because of an above-market buy offer, limited-time promotion or guaranteed profit.

Three types of warning signs

Impersonating a store, customer service or online branch

Scammers may copy a business name, photographs and contact details, then direct transfers through private messages, advertisements or groups. Obtain contact links from the business's official website and verify independently. VBIT provides in-store OTC transactions only and has no online exchange platform. See the Official Impersonation Warning.

Fake payment screenshots and last-minute address changes

Screenshots and chat messages cannot replace wallet and on-chain records. Before transferring, check the asset, network, full receiving address and amount. Stop and investigate if someone changes an address at the last minute or pressures you to send again. Keep the TXID and distinguish submission, on-chain confirmation and completed settlement.

Requests for recovery phrases or asset-verification transfers

Recovery phrases, private keys and verification codes can affect control of assets; never give them to others. Do not transfer to an unfamiliar address because someone claims to verify a wallet, remove restrictions or charge an unfreezing fee. Do not install software from unknown sources.

What records should I keep for in-person settlement?

Keep official contact records, the asset and amount traded, receiving details, TXID and receipts. Check the exchange rate and HKD amount on the receipt against actual settlement. If anything differs, pause further action and contact the business through the original official channels. If you suspect fraud, preserve evidence and seek police assistance.

VBIT settles HKD in cash at the store only. Before visiting, check the official store information. For address checks, identity information and records, see the transaction safety information. An identity verification process does not mean a trade is risk-free.