Updated: January 28, 2025

Cryptocurrency has become a popular and innovative way to invest money, but how secure are these investments? Understanding cryptocurrency and recognizing scams are essential steps in safeguarding your finances.

Unfortunately, fraudsters are attempting to trick consumers into “investing” and transferring funds in recently reported cryptocurrency scams. If you receive an unsolicited message or text involving cryptocurrency from an unknown source do not respond to the message/text.  Instead, stop all communications with the suspected fraudster, file a complaint with the IC3, and contact your financial institution directly to take steps to protect your information and account if necessary.

Most Importantly… Do NOT transfer any funds or share personal information such as your SSN, mother’s maiden name, Online Banking credentials, etc.. You will not be able to reverse a cryptocurrency transaction and get your money back.

How a Scam Message May Start

In one example, you might receive a message on WhatsApp with the sender claiming to be a financial advisor, investment expert, or even a distant acquaintance. The sender attempts to befriend you with casual conversation before presenting an enticing offer such as, “I’m part of an exclusive investment group where we’ve been making huge profits with Bitcoin and other cryptocurrencies. I’d love to help you get started. Want to learn more?”. 

The scammer may encourage you to “invest” by sending funds to multiple cryptocurrency accounts and wallets. Do NOT create any cryptocurrency accounts or transfer any funds.

How to Avoid Cryptocurrency Scams

  • Don’t respond to personal solicitations involving cryptocurrency from an unknown source (e.g., through messages on WhatsApp, Signal, Telegram, Facebook, email, text, etc.).
  • Don’t send cryptocurrency to someone you haven’t met in person; even if you have met them, be wary.
  • Verify all requests for payment of a debt independently. If a caller claims to be from a company or government agency, hang up and call the published customer service phone number of the company or agency. No legitimate entity will demand payment by cryptocurrency or promise you a reward for paying in cryptocurrency.
  • Understand that if a cryptocurrency investment seems too good to be true, it probably is.
  • Be aware that you will not be able to reverse a cryptocurrency transaction and get your money back.
  • Don’t invest money you’re not prepared to lose.

Contact us with any questions or concerns

If you have any questions about this information, we encourage you to speak with a UHFCU representative to learn more. If you suspect that you may have given information to a possible scammer, it is important to file a complaint with IC3 & contact us so we can take measures to help you protect your information and account.

 

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