Security Center
Crypto Scams
Scammers are increasingly stealing money using cryptocurrencies such as Bitcoin and Ethereum–a common cryptocurrency investment scam going around known as ‘Pig Butchering’. They will either have the victims create digital wallets to transfer funds to the scammer or use so-called virtual currency kiosks (also known as Bitcoin ATMs). These machines look and operate like bank ATMs, and they allow scammers to receive payment in cryptocurrencies. These transactions are generally outside the visibility of financial institutions, extremely hard to track, and almost impossible to reverse.
Crypto Investment Scams
It is most common for this scam to start after a Facebook friend’s account is hacked. It is also pretty common for this to start on social media platforms like Instagram, TikTok, Reddit, Discord, etc. However, scammers will use any channel of communication they can to pull off a scam.
Unfortunately for the victim, the data is fake, and the funds were transferred to a private crypto/digital wallet that only the scammer has access to. Once these funds make it to the scammer’s wallet, there is almost no way to get the money back.
Crypto Kiosk/ATM Payment Requests
There are many different types of scams that could result in the scammer asking you to send funds by using a local crypto or Bitcoin ATM/kiosk machine. These machines are an easy means to allow you to use cash or card to transfer funds to the scammer’s digital wallet.
Once your funds end up in a digital wallet, the Bank has no recourse and once your funds are transferred to the scammer’s private digital wallet it is nearly impossible to get that money back. This is due to the anonymity of a private wallet, and the scammer’s ability to transfer the funds to additional wallets.
