Welcome to another Fraud Friday with Guthrie County State Bank! This time, we’re taking a closer look at a concerning new trend: Bitcoin ATM Scams. Bitcoin in general is still fairly new territory for many people, which is why scammers love to use it to their advantage.
Bitcoin ATM Scams often take place over the phone. Here’s what you need to know if you are ever approached about Bitcoin ATMs.
Scammers are experts at deception and have often convinced individuals that they must move their money into a Bitcoin ATM, in order to protect it. Here’s the catch: Bitcoin and Bitcoin ATMs will not safeguard your funds. It’s also important to note that there are no such things as government Bitcoin accounts or digital wallets, despite what the caller may claim.
If you get a call that is related to anything we’ve mentioned so far, remember these tips:
- Never Transfer Your Money: Your money is safe where it is already. Regardless of the urgency the scammer has conveyed, do not move or transfer your money–no matter what is said to you. There is never a need for an urgent money transfer solely based on a phone call or conversation.
- Verify with Trusted Sources: If you’re concerned about your finances, reach out to your actual bank or financial advisor. Use the contact information provided on your account statements to ensure you’re speaking with a trusted representative.
- Report Suspected Scams: If you suspect you’ve encountered a scam, notify your financial institution immediately. Be proactive, especially if you’ve already moved money. Report the incident to the Federal Trade Commission through their reporting portal at ReportFraud.ftc.gov.
Spread the Word!
Scammers thrive on secrecy, but we can combat their efforts by spreading awareness. Share this Fraud Friday article with at least one person to help prevent others from falling victim to similar scams. Together, we can protect our community from financial harm!
Stay vigilant, stay informed, and stay protected–and always know: We’ve got your back at Guthrie County State Bank.