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Protect your wallet: There's a new twist on ATM and wire transfer scams
The holiday season is fast approaching, which means scammers and cybercriminals will be out in full force once again. Tap or click here for details on a holiday decoration scam already circulating. Every year around this time, the number of security threats skyrocket.
It’s not just gifts and decorations thieves are using as bait. They are now focusing on cryptocurrencies and digital wallets.
The FBI has seen a spike in a wide range of crimes that target all aspects of crypto exchanges, digital wallets and wire transfers. Keep reading for details on these dangerous threats.
Here’s the backstory
In a recent safety bulletin, the FBI’s Internet Crime Complaint Center warned users of cryptocurrencies to be aware of a new scam that’s spreading.
Here’s how it works. Criminals imitate legitimate businesses or government agencies and contact potential victims about outstanding fees due for things like lottery winnings. Of course, the claims are bogus. The criminals can also pose as family members, disguising their identity and asking for money.
Victims are directed to transfer crypto to the criminals through a physical cryptocurrency ATM or a QR code. This method is virtually untraceable as it auto-populates the recipient’s address. Once payment is made, the currency is instantly in the criminal’s account, and there is little to nothing that can be done to get it back.
Here are some other forms of scams that you should know about:
- Family members asking for money through crypto payments
- Government agencies requesting crypto for outstanding fees or fines
- Romance scams where the criminal builds up a relationship to gain trust and eventually asks for crypto
- Lottery schemes where the criminal claims you have won a big prize but need to pay a fee first to collect
Those are some things to watch for this holiday season. Thankfully there are ways to protect your finances.
What you can do about it
It is relatively easy to get swept up in a scam, especially if you don’t know what to look out for. Most think that it will never happen to them, but if you aren’t constantly vigilant, the slightest miscalculation can cost you your life savings.
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