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Cryptocurrency Fraud: What You Need to Know

A woman and her caregiver looking at a credit card and contacting their bank, panicked and concerned.

Cryptocurrency, or digital currency, has grown in popularity. But it can also pose a new risk for scams. If you’re new to cryptocurrencies, here are some tips to keep you and your loved ones safe.

What exactly are cryptocurrency (crypto) scams, and why are they so dangerous? They are just like any other scam, where a bad actor deceives a person to take their money. Cryptocurrency transactions are generally irreversible and don’t offer the same consumer protection as credit cards or bank transfers. This makes them especially risky for people who are unfamiliar with how crypto transactions work.

As cryptocurrencies grow in popularity, crypto kiosks (also called crypto ATMs) are popping up in convenience and grocery stores. Since they look like legitimate ATMs, scammers are increasingly targeting older adults and encouraging them to deposit money into these kiosks, where it’s stolen and lost forever.

Thankfully, the Attorney General’s office has put out a few tips to help older adults protect themselves and their assets.

Here’s what they recommend:

  • Never put money in a kiosk at someone else’s request
  • Do not put false information in the kiosk.
  • If someone asks you to use a crypto kiosk to send them money, contact the police immediately.

In short, they ask consumers to be alert and keep their money close at hand. A legitimate business will always accept other forms of payment. If someone urgently requests money through crypto, take your time to think through the request and contact the police if you suspect a scam.

If you suspect you may have been scammed, here are three things you can do:

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