We have all been the witness and unfortunately, some of us have been the victim of a scam or two. If this has happened to you in the past, don’t beat yourself up! Scammers are con-artists, they have perfected the art of scamming others out of their money and possessions.

You are not their first victim, and won’t be their last. The good news is, we have compiled a list of the most popular cryptocurrency scams, and the signs to watch out for so that you know what to keep an eye out for in the future. Arm yourself with this wealth of knowledge and keep your earnings, possessions and, crypto safe and sound!

Disaster Relief

Beware of Scams!
All cryptocurrency transactions are final. In times of disaster, it’s important to be aware of charity scams. There are many legitimate ways to provide support to help people impacted by floods, earthquakes, fires, other natural disasters, or even man-made disasters.

If you’re eager to make a donation, give in a way that you have donated before or through a trusted organization or business where you fully understand how the funds are being collected and used.

Foreign Lottery


All cryptocurrency transactions are final. Many local governments recently have issued a national warning about the continued defrauding of citizens taking place through a foreign lottery or sweepstakes scam.

Be aware that if you receive a notice about winning a lottery, no matter how official it looks, and are required to pay a fee to claim your winnings – this is a scam.

Lottery/Sweepstakes


All cryptocurrency transactions are final. Legitimate lottery or sweepstakes NEVER require people to pay money upfront. Get a letter, call, or email saying you won something (money or a prize), but before you can collect the prize you need to send money to pay for taxes, customs, or any fees? …But you didn’t buy a ticket or enter sweepstakes.

This is a SCAM. Don’t send transfer money to the people who are stating you have “WON” something but need to send them funds to collect your winnings.

cryptocurrency scams

Sending Money To A Stranger


All cryptocurrency transactions are final. Any monies received by a stranger cannot be recovered and unfortunately you will not get your money refunded back to you. “Bitcoin is a safe and secure way of sending to someone you know and trust.”

Internet Purchases


Fake ebay emails/pages, fake AirBnB ads. Fake Zillow and Craiglist ads… They all have one thing in common: online scams. All cryptocurrency transactions are final. Have you found something online that interests you – a puppy, a car, an apartment for rent or any item for sale? Does the price for the item seem to be too good to be true and are you being asked to pay for the item through a Bitcoin transaction?

Unfortunately, this is a SCAM. Do not send money for the item to the seller. They may even send you a letter or e-mail of authentication telling you that you have purchased the item but need to wire funds first. Do not send the money. It is a SCAM. You will receive no merchandise. Once money is wired and received it cannot be recovered and unfortunately, you will be at loss for any money transferred.

Buying A Vehicle


All cryptocurrency transactions are final. Have you found a great vehicle online or in an advertisement with a price too good to be true? Are you being asked to send the down payment through a Bitcoin transaction?

Unfortunately, it’s a SCAM. Do not send money for the vehicle to the seller or a payments representative. The vehicle purchase scammer may try to convince you to pay through Bitcoin to avoid sales tax and get a great price. They may even send you a letter or e-mail of authentication telling you that you have purchased the item, but in order to deliver it you need to wire funds first.

You will not receive a car or truck. Once the money is wired and received, it cannot be recovered and, unfortunately, you will be at loss for any money transferred.

Relative In Need


All cryptocurrency transactions are final. Did you receive a phone call from a grandchild or a family member? Or a “lawyer” or “police officer” suggesting they are with your family member? Are they in despair because they have been detained? Have they been in a car accident? Are they asking for money to pay fines or for car repair? Did a relative call because they need money for a family member in medical need or for medicine?

THIS IS A SCAM! Use precaution when sending money in any of these situations. These callers can request that you send money anywhere in the world. If you cannot verify with your family member (calling their number you had before this call, not the “new number” the caller gives you) that they are requesting money and aren’t sure about the transaction, do not send the money. You will be at a loss for any money that is sent.

Loans


All cryptocurrency transactions are final. Did you receive a letter or e-mail about getting a loan? Were you asked to send money for loan fees, taxes, service fees, advance payments, or any other reason?

This is a SCAM. Do not send money to a loan company to obtain a loan. If the money is wired and received it can not be recovered. You will be at a loss for the money you have sent.

Romance


All cryptocurrency transactions are final. Did you meet someone through a personal ad, e-mail, chat room or an instant message? Did they ask you to send them money for travel or to help them financially?

Do not wire the money – this is a SCAM. Any money received by this person cannot be recovered and you will be at loss for any money sent.

Newspaper Ads


All cryptocurrency transactions are final. Have you found something for sale in the classifieds or any type of newspaper ad? Did they ask you to pay for the item through a Bitcoin transaction?

This is a SCAM. Do not use a money transfer to purchase an item from a stranger. It is not safe to use a money transfer service when trying to purchase an item.

Elder Abuse Scam


All cryptocurrency transactions are final. A stranger begins a close relationship with you and offers to manage your finances and assets. Or, signatures on documents do not resemble your own signature. Don’t get duped into parting with your money through financial abuse scams.

Scammers will try to manipulate you into turning over property and/or money, and this can leave your cash, checking account, or even life savings completely wiped out in one transaction. Financial abuse scams can take many forms, including telemarketing fraud, identity theft, predatory lending, and home improvement and estate planning scams. Never trust your money with anyone you don’t know.

All the other above types of consumer fraud could also be directed towards elderly or senior individuals.

Scam Alert! Almost all consumer fraud starts with contact from a stranger. Protect yourself from fraud. Never send money to someone you don’t know.

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