Cryptocurrency, often called “crypto,” is a digital or virtual currency. Some have made money investing in crypto and mining; however, due to its form being electronic instead of physical, not being controlled by a single entity like a government or bank, and its market volatility, and prevalence in scams, you should be wary when using crypto.
Often scammers request money via crypto because they are hoping that their target doesn’t understand it, it is available to move electronically quickly, and crypto transactions are generally irreversible, which means you can’t get your money back once it is sent or once a hacker or scammer takes the crypto from you. Always be wary of paying for fees, services, or items in cryptocurrency, especially if crypto is not something you use on a regular basis or understand.
Be sure to check out our Blog or our page on Facebook for fraud tips every Friday. We’ll cover different types of fraud as well as red flags to help you identify when it might be a scam.
Remember, if you have questions about a possible fraud situation or just an uneasy feeling about a phone call, text, email, or transaction, feel free to contact the Fraud Department at (605) 934-2500.