When it comes to recognizing potential scams, understanding how scammers ask for payment is essential. Scammers prefer challenging methods to trace and retrieve, such as gift cards, wire transfers, payment apps, or cryptocurrency. In this edition, we will focus on cryptocurrency and ways to steer clear of related scams.

Understanding Cryptocurrency: Cryptocurrency is a digital form of currency accessible through various platforms, like mobile apps, websites, or even cryptocurrency ATMs. While Bitcoin and Ether are among the most recognized, many others are in circulation. Scammers favor cryptocurrencies due to their limited legal protections compared to credit or debit cards, and transactions are typically irreversible.

To protect yourself against these scams:

1.Question Requests for Cryptocurrency: Legitimate businesses and government agencies do not require cryptocurrency as a form of payment, whether for purchases, taxes, fines, or to “safeguard” your finances. This should immediately raise a red flag as a potential scam.

2.Never Pay for a Job: If anyone asks you to pay an upfront fee for a job, whether through cryptocurrency or any other payment method, or suggests purchasing cryptocurrency as a requirement for employment, exercise caution. Such requests are indicative of a scam.

3.Avoid Mixing Cryptocurrency with Online Dating: Be cautious if you encounter individuals on online dating platforms who request cryptocurrency transfers or offer to “assist” you in cryptocurrency investments. This is often a sign of a scam.

Your financial safety is paramount, and understanding how to spot cryptocurrency-related scams is a crucial step in protecting your hard-earned money. Stay informed, stay vigilant, and stay secure!

About Penn East Federal Credit Union

“Have a positive impact on our members, our community, and each other.” That is the common thread that goes across all of Penn East Federal Credit Union’s endeavors. With over eighty-five years in business and 24,000 members, the community-oriented credit union is a vital part of Northeastern Pennsylvania. Penn East FCU serves Luzerne, Lackawanna, Wayne and Wyoming counties with five branches and a 24/7 digital banking service through their website www.penneastfcu.org and their Penn East Mobile Banking App. Penn East FCU provides trusted financial solutions, integrity, and reliability to its members and community.