Crypto fraud: What you need to know

Cryptocurrency (or crypto) is a digital form of money that can be exchanged into physical currency to buy “coins” or “tokens” of a type of cryptocurrency. What makes crypto unique is that it’s decentralized—meaning it’s not regulated by any government or financial institution. Unlike U.S. currency, crypto isn’t backed or insured by a standard. By comparison, deposits at Dupaco are federally insured up to $250,000 by the National Credit Union Administration, a U.S. government agency.

As cryptocurrency grows in popularity, crypto ATMs are starting to appear in more communities. These machines convert traditional currency into crypto—but
scammers are increasingly using them to trick victims into sending money that can’t be recovered.

Here’s what’s happening

A scammer may direct someone to deposit money into a crypto ATM using a wallet address they provide. Once the funds are sent, they’re gone and nearly impossible to trace or recover.

Protect yourself:

• Talk to a trusted source before making nontraditional investments or sending money.
• Confirm anyone trying to sell an investment is properly licensed.
• Never click on links in unexpected emails or text messages.
• Never provide your banking information or online login credentials.
• Contact Dupaco directly through verified channels if you’re unsure.