Defending Against Crypto Investment Scams

Cryptocurrency can offer promising opportunities for investors. However, it has also become a minefield for scams. One common scam, called "pig-butchering," tricks people into fraudulent crypto investments. Over the past few years, criminals have used these clever tactics to steal billions of dollars. As a trusted military bank, protecting the financial security of the military community is our top priority, which is why we’re equipping you with tools and knowledge to recognize scams. Keep reading to learn more about crypto investment scams and how to defend yourself from these cyber threats!

How Crypto Investment Scams Work:

Crypto scammers often operate like an enemy in the field, using fake identities to gain your trust. They may reach out through social media, dating apps, or professional networking sites, creating convincing profiles that appear friendly and trustworthy. Their goal? To build rapport and steer the conversation toward cryptocurrency.

Once they have gained your trust, these scammers introduce fake investment platforms that mimic legitimate crypto exchanges. These sites look authentic and even show impressive profits. You might be able to make small withdrawals at first, which is all part of their strategy to trick you into investing more. However, when you eventually attempt to withdraw larger amounts, you will face unexpected fees or taxes, and then your hard-earned funds will vanish.

Warning Signs to Watch For:

• Random Contact: Stay alert if someone unfamiliar approaches you with investment opportunities or “friendship.”
• Unrealistic Promises: Keep in mind that there’s no such thing as a “guaranteed” or risk-free investment.
• Pressure to Act Quickly: Scammers often try to create a sense of urgency to force hasty decisions.
• Shifting Conversations to Encrypted Apps or Unfamiliar Platforms: This tactic aims to isolate you from potential support.

How to Stay Protected from Investment Scams:

If you’re considering diving into crypto or other investments, keep these tips in mind to safeguard your hard-earned money:

• Do careful research about platforms or apps before you invest—know your battlefield!
• NEVER send money to someone you have only met online. Relying on their word alone is like going into a mission without a plan.
• Be wary of promises that sound “too good to be true.” If someone is pushing you to make quick decisions, it’s time to sound the alarm.
• Avoid unknown apps or services that claim they can recover lost funds. These are often traps set to lure you further into danger.

Steps to Take If You Were Scammed:

If you suspect you’ve fallen victim to a crypto investment scam, it’s important to take swift action:

1. Stop sending money right away.
2. Change your passwords and security questions.
3. Reach out to your bank for support (the contact information for Armed Forces Bank is provided below).
4. Keep all records and communications related to the scam for reference.
5. Report the case to the FBI Internet Crime Complaint Center (IC3), the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB).

Fraud Resources at Armed Forces Bank:

Armed Forces Bank proudly stands as the first line of financial defense for those who protect our nation. We are dedicated to keeping you informed about the latest fraud tactics, and our team is always ready to assist you if you notice anything suspicious. Let’s stay proactive and defend your financial future together!

If you bank with Armed Forces Bank and suspect you have fallen victim to an investment scam, here’s how to take action:

• Option 1: Log into Mobile or Online Banking and send a secure message through chat.
• Option 2: Visit afbank.com and click on the chat bubble in the bottom right corner. Request to speak to a banker, available Monday - Friday, from 8:00 AM - 10:00 PM, Central Time; AND Saturday, 9:00 AM - 5:00 PM, Central Time.
• Option 3: Call the Armed Forces Bank Client Care line at 888-929-2265, Monday - Friday, 8:00 AM - 7:00 PM, Central Time.

FINANCIAL EDUCATION: Scams & Fraud; Preventing ID Theft; Reporting ID Theft; Fraud Alerts & Freezes; Mobile Security Tips; Visa Card Security; EMV Chip Technology.

FRAUD-SPECIFIC RESOURCES: General Cybersecurity; Military Scams; SIM Swap Fraud; Phishing Emails; Phone Scams; Text Scams; Pig-Butchering Scams; Elder Financial Abuse; Business Fraud; Tax Return Security.

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