Cryptocurrency Scam Prevention

Avoiding a Cryptocurrency Scam or Fraud

Bitcoin is a form of digital currency that requires an internet connection, there is no physical form. If you send money to a scammer, you won’t be able to recover your funds.

• Always think before sending money.
• Never buy Bitcoin or cryptocurrency on someone else’s behalf with money they’ve given you.
• A government agency or a police department will NEVER request any kind of cryptocurrency from you.
• A government or police department will NEVER call you directly to inquire about payments.
• Bitcoin is not a money transfer service, it is a currency all its own.
• Bitcoin requires exchanging back into fiat currency in most countries and locations. Exchanging funds comes with exchange fees.
• The value of cryptocurrency is volatile meaning the price can move up or down over time.
• Scammers frequently prey on emotions like fear of retaliation or excitement for a new opportunity.
• Never click on suspicious links sent to you via social media or email.

Knowing When Not to Use Cryptocurrency

• Government or bank payments of any kind. This includes taxes, bank fees, etc.
• Medical bills
• Lawyers fees or legal fees
• Any costs related to courts or law enforcement
• Inheritance payments – the state tax you pay when you receive money or property from the estate of a deceased person
• Shipping costs
• Most travel costs (exceptions Expedia, etc)
• Large purchases such as property, house rentals, and cars
• Any military personnel, especially active duty