Cryptocurrency Scams: How to Protect Yourself and Your Money
June 7, 2024
Cryptocurrency scams are on the rise, but you can outsmart them. Here's how to avoid getting caught in a crypto con:
Avoid Instant “Cash to Crypto”
If someone tells you to withdraw a large amount of cash and deposit it at an ATM (or BTM - bitcoin teller machine) to buy crypto, it's a scam. You would likely be putting money into their account, not yours.
Red Flag: Crypto Payments Only
Legitimate businesses won't demand upfront payment in crypto, not for purchases or "protecting" your money. It's a scam!
Guaranteed Riches? Scam Alert!
Crypto values fluctuate. Anyone promising quick, guaranteed profits (or "zero risk") is scamming you.
Love and Crypto Don't Mix
If a dating app match turns into a crypto "guru," run! Don't send them crypto or take investment advice from strangers online.
Beware Unsolicited Offers
Got a random text or social media message about crypto riches? It's a scam. Delete it!
Blackmail with Crypto? Report It!
Scammers might threaten to expose fake compromising information unless you pay in crypto. This is blackmail, not a genuine crypto opportunity. Report it to the FBI immediately.
By being aware of these tactics, you can stay safe. Share this knowledge with loved ones, and don't hesitate to intervene if you suspect they're being targeted.
Want to Learn More?
The Federal Trade Commission (FTC) has great resources on crypto scams: FTC Cryptocurrency Scams
