Data tokens on this page
Resources
Industry Specific
Access all the commercial banking resources your business needs to succeed.
How to protect yourself against common cryptocurrency scams
How to protect yourself against common cryptocurrency scams
Recognizing the signs of fraudulent activities or scams is more important than ever, as fraudsters’ level of sophistication continually evolves. First of all, what is cryptocurrency? Let’s go beyond the buzzword. Cryptocurrency is a digital currency that exists only online and is usually bought through a phone, computer, or cryptocurrency ATM. While Bitcoin is the most well-known cryptocurrency, many other cryptocurrencies are available.
Fraudsters may attempt to persuade you to send money in cryptocurrency to settle debts, bills, invoices, or fines. Be cautious — this is a common scam! Legitimate businesses will not demand payment in cryptocurrency. Common cryptocurrency scams include:
- Home remodeling
- Past due bill
- Impersonation
- Gift cards
- Blackmail
- Fake giveaways
- Social media phishing
- Phishing emails
- Smishing (text messages)
- Ponzi schemes
- Romance
- Notifications from “your bank”
Red flags to watch out for
- Fraudsters impersonate well-known companies — think Amazon, Microsoft, FedEx, the Wintrust Fraud Team — through text, calls, emails, or social media and claim fraud on your account. They then ask you to buy cryptocurrency to resolve it. If you engage with any of these messages, you risk connecting with the fraudster.
- Fraudsters impersonate government agencies, law enforcement, or utility companies, claiming you have a legal issue or frozen accounts, and urging you to buy cryptocurrency for “safekeeping.” They often attempt to guide you through using an ATM or provide a QR code to direct payments to their wallets — making it impossible to get your money back.
- Fraudsters send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you. They then threaten to publicly disclose information unless you pay them in cryptocurrency. Do not comply. This is blackmail and a criminal extortion attempt.
Tips to protect yourself
Dos
- Always verify debt payment requests independently by contacting the company or agency’s official customer service number. Remember, legitimate companies will never demand payment in cryptocurrency or offer rewards for it.
- Understand that if a cryptocurrency investment seems too good to be true, it probably is.
Don’ts
- Don’t respond to personal solicitations involving cryptocurrency from unknown sources (e.g., through messages on WhatsApp, Instagram, Twitter [X], Telegram, Facebook, email, text, etc.).
- Don’t send cryptocurrency to anyone you have not met. Even if you have met them, exercise caution.
- Don’t invest money you’re not prepared to lose!
Keep in mind
- You cannot reverse a cryptocurrency transaction and get your money back.
- Wintrust will never call or text requesting account information, username, or passwords.
- Wintrust will never text you with a link to confirm your banking credentials.
What to do if you believe you’ve fallen victim to a cryptocurrency scam
- Call your local banker or the Wintrust Fraud Team at 877-279-1300.
- Pay a visit to your local branch.
- Report the crime to your local police department.
- File a report with the FBI.
- Contact the Internet Crime Complaint Center (IC3) at ic3.gov/Home/Index.
- Contact the cryptocurrency exchange company you used to send the money.
Together, we can fight fraud!
Banking products provided by Wintrust Financial Corp. banks.
