COMMUNITY EDUCATION MESSAGE: Protect Yourself from Cryptocurrency Scams

 

Cryptocurrency scams continue to rise nationwide, and scammers are using new tactics every day to trick victims into sending digital currency that cannot be recovered. Please review the following tips to help protect yourself and your loved ones:

 

How to Stay Safe

 

1. No legitimate agency will ever demand crypto.

If someone claims to be from the police, IRS, FBI, or any government office and insists you must pay in Bitcoin, Ethereum, or any other cryptocurrency - it is a scam.

2. Beware of unsolicited calls, emails, or messages.

Scammers often pressure victims with threats, “urgent” problems, or promises of high investment returns. If it sounds too good to be true, it is.

3. Never use a crypto ATM based on someone else’s instructions.

Many victims report being told to go to a specific kiosk, scan a QR code, and deposit money. This is a major red flag.

4. Double-check investment opportunities.

Research thoroughly. Fraudulent “investment managers” or “trading platforms” often vanish once money is transferred.

5. Protect your digital wallets and private keys.

Never share passwords, recovery phrases, or access codes - not even with someone claiming to be tech support.

 

Common Scam Scenarios

 

“You owe money or will be arrested unless you pay immediately.”

“Your account has been frozen - send crypto to unlock it.”

“Guaranteed high returns if you invest right now.”

“A friend or family member is in trouble and needs crypto sent quickly.” (Often due to hacked social media accounts.)

 

If You Think You’re Being Targeted

Stop communication immediately and contact the West Reading Borough Police Department at (610) 373-0111.

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