Fraud Awareness Resources

Does This Sound Familiar?

Have you encountered any of these situations?

1. A “Computer Repair” Scam
   Were you encouraged to send cryptocurrency to repair a virus on your computer? Scammers often impersonate tech support agents, telling you that your device is infected and demanding payment in cryptocurrency to fix it. No legitimate tech support company will ever ask you for cryptocurrency as a payment method.

2. The “Protection” Scam
   Were you told the only way to protect your money was by making deposits to cryptocurrency ATMs? Scammers often pressure victims by creating a sense of urgency or fear, claiming that their bank accounts are at risk. This is a major red flag! No legitimate bank or financial institution will ever ask you to convert your money into cryptocurrency.

3. Secrecy and Lies
   Did someone ask you to lie to the bank or keep the reason for your cryptocurrency purchase a secret? Scammers often request victims to keep their activities secret to avoid detection. If you're asked to provide a misleading reason for a transaction, it’s a clear sign of fraud.

4. Romance Scams
   Are you in a relationship with someone online who is asking you to send them cryptocurrency purchased at an ATM? Scammers often build fake relationships and then ask for money, using manipulative tactics. These requests often escalate from small amounts to large sums and usually involve cryptocurrency because it’s difficult to trace.

5. Too Good to Be True Investments
   Has anyone promised high returns on a cryptocurrency investment? Scammers often promise guaranteed returns or huge profits with little risk. Remember, if it sounds too good to be true, it probably is.

6. Fake Government or Law Enforcement Requests
   Did someone representing a government agency or law enforcement organization call and request you provide cryptocurrency to satisfy a warrant, a fine, or to post a bond for a relative in jail or prison? No government agency or law enforcement body will ever demand cryptocurrency as a form of payment.

Why Do Scammers Use Cryptocurrency?

Scammers often use cryptocurrencies because transactions are irreversible and difficult to trace. Once you send cryptocurrency to a scammer, it's nearly impossible to get it back. This makes it a perfect tool for fraudulent schemes, and scammers know it.

How to Protect Yourself

1. Be Skeptical: If someone demands payment in cryptocurrency, be extremely cautious. Scammers often create fake urgency to pressure you into making hasty decisions.

2. Verify Identities: Don’t rely on caller ID or unsolicited messages. Always verify the identity of the person or organization contacting you through an official and known method.

3. Never Keep Secrets: If someone asks you to keep your cryptocurrency transactions a secret, don’t. Share with your bank or a trusted advisor.

4. Know the Red Flags: Be aware of common scam tactics, like demands for secrecy, requests for cryptocurrency payments, and promises of high returns with little to no risk.

5. Stay Informed: Stay updated on the latest scam trends and be vigilant about your financial security.

What to Do if You Suspect a Scam

If you think you’ve encountered a cryptocurrency scam, contact Fidelity Bank immediately. We are here to help you recognize potential threats and take the appropriate steps to safeguard your finances. Always be proactive when it comes to protecting yourself from fraud.

Remember, knowledge is your best defense against scammers. Stay informed, stay cautious, and safeguard your hard-earned money.

If you have any concerns or questions, reach out to us at Fidelity Bank. We are always here to help.