Don’t Let Fraudsters Cash In with Crypto Scams

If there’s one payment method scammers love, it’s cryptocurrency. Why? Because digital currency makes it easy to move large amounts of money quickly, globally and often anonymously. Once cryptocurrency is sent, it’s extremely difficult to track and recover.  

In 2025 alone, fraudsters stole over $333 million from victims by convincing them to send money through Bitcoin ATM schemes.  

While the technology may be new, the tactics are not. Scammers still rely on their same old tricks like fear, urgency and emotional manipulation to pressure victims into sending money quickly.  

What Do Cryptocurrency Scams Look Like? 

Crypto scams can take many forms. Here are a few to look out for:  

Phony Investment Opportunities 

You receive a message or ad promoting a “guaranteed” way to make money through cryptocurrency. The crypto investment advisor or company promises you’ll get rich quick—all you need to do is transfer funds right now. Once you do, the scammer disappears along with your money.  

What to Know: Beware of any advisor or company that promises “guaranteed” high investment returns. All investments carry some degree of risk. If something sounds too good to be true, it probably is.  

Bitcoin ATM Scams 

You’re contacted out of the blue from someone claiming to be from the IRS, a tech support rep, utility company or even a law enforcement agency. They say you’re in big trouble and need to pay a bill, fee or fine right away. They instruct you to visit a cryptocurrency ATM and send Bitcoin to a specific wallet address.  

What to Know: No legitimate company, government agency or organization will demand payment via cryptocurrency. This is something scammers do. If anyone is pressuring you to pay in Bitcoin or another hard-to-trace method like money wire transfer or gift cards, that’s a red flag.  

Warning: If you think you’ve lost money in a crypto scam, contact your financial institution and report it to the FTC. Beware of phony “crypto recovery services” which ask for upfront fees—another form of a scam. 

Phishing Emails or Texts 

You get a text, email or call that appears to be from a cryptocurrency platform. The message asks you to verify a transaction, reset your password or accept money into your checking account. When you click the link, it takes you to a fake site designed to steal your login information.  

What to Know: Never share your login information, especially in response to unsolicited messages or phone calls. When in doubt, go directly to the official app or website—don’t click on links in texts or emails.   

Remember: WPCU will NEVER text, call or email you asking for your password, PIN or personal/account information. 

Stay Safe. Stay Cyber Smart!   

As cryptocurrency becomes more popular, you can count on scammers continuing to find new ways to use it. As your caring financial partner, Wright-Patt Credit Union® (WPCU®) is always here to help you stay informed and alert about the latest scams.  

If you think you’re a victim of a crypto scam or notice unusual activity on your WPCU accounts, call the Member Help Center at (800) 762-0047 or visit your nearest Member Center. While recovering cryptocurrency is challenging, acting quickly and working with trusted sources can make a difference.