Stay Safe from Bitcoin Scams

Common Bitcoin Scams

Law Enforcement Scams

In a law enforcement scam, victims are usually contacted by a scammer posing as a member of law enforcement and threatened with arrest or fines. Scammers ask victims to pay their fine to avoid arrest by paying them in Bitcoin using a Bitcoin ATM.
As a reminder, law enforcement will never ask for payment in cryptocurrency. You can contact your local police department to verify any information.

Government Agency Scams

Scammers may pose as various government agencies such as the FBI, ICE, IRS, or others. Similar to law enforcement scams, the scammer will accuse the victim of multiple crimes and attempt to convince them to pay in Bitcoin to avoid jail. Sometimes, scammers may phrase it as securely “depositing money in the ATM”, which is not its purpose.

Remember that Bitcoin ATMs are not for “depositing money” or “sending money” – they are strictly for buying and selling cryptocurrency. Additionally, all cryptocurrency transactions are final, so once Bitcoin is sent to a wallet, there is no way of getting it back.

Tech Support Scams

Users may be browsing the internet when they get an unexpected pop-up on their screen about an issue with their computer and a support number to call. This is the beginning of a tech support scam. If called, scammers will convince you that you need to send Bitcoin to purchase software, or pay back an overpayment. 

Never call a number that unexpectedly pops up on your screen. If you need help verifying the pop-up or issue, ask someone you know to help.

Utility Bill Scams

Utility bill scams are just like they sound – scammers pose as utility companies and attempt to convince victims to pay them by using a Bitcoin ATM.

You should know that no utility companies currently accept payment in Bitcoin. If you continue to be pressured to make a payment, please visit the utility companies’ website and verify the information.

Military Scams

Scammers may also pose as military service members and contact victims over social media or dating websites. Typically, they will say that they are stationed overseas and need your help purchasing a flight or sending a package by purchasing Bitcoin and sending it to them. 
Even if the servicemember provides identification, it may still be a scam. The FTC says that “scammers often steal real military servicemembers’ names and photos for their fake profiles”, so as real as it may seem, don’t fall for this scam.

Romance Scams

Romance scams occur on online dating sites, where scammers use fake profiles to build trust with potential victims over the course of a long time. Once trust is built up, the scammer will ask the victim to start sending them money for multiple reasons, such as medical emergencies or bills. As a reminder, never send money to someone you haven’t met in person.

Investment Scams

Investment scams, like “double your bitcoin” scams, make promises of high returns on initial investments. Scammers create fake crypto exchanges or even use the identities of well-known celebrities like Elon Musk to lure potential victims in. When you’re getting into cryptocurrency for the first time, remember that if it sounds too good to be true, it probably is.