WHAT’S YOUR RISK?

WHAT’S YOUR RISK?

Cryptocurrency, Mobile Payment Apps, Bank-to-Bank Transfers, on and on: Are you willing to bet it all?

Cryptocurrencies (Crypto), Mobile Payment Apps, and Investment Scams has become more commonly referred to as “Pig Butchering” by scammers and can cost consumers and businesses exponential amounts of money. Criminals befriend people to entice them to make crypto investments through phony apps and websites.

The investments may start out slowly with small sums of money, but it’s a scam aimed at stealing tens of thousands to millions of dollars.

Please be aware all crypto payment or Mobile Payment App transactions involving digital currencies carry inherent risks and the potential for fraud. Artisans’ Bank does not facilitate transactions involving digital currencies, and we strongly advise our customers to exercise extreme caution and to educate themselves thoroughly before engaging in such transactions.

HOW DOES THE SCAM WORK?

Scammers spend time using fake profiles to build connections with their targets, falsely claiming to be or know experts who can help investors make money.

To mask their identities, they:

• Use fake phone numbers (spoofing)
• Rely on deep fake videos, voices, or images
• Employ artificial intelligence

Beware! Criminals often pretend to be interested in friendship, romantic relationships, or business investments. They target individuals through texts, dating sites, social media, professional networking platforms, or other apps. Once they gain their victims' trust, criminals switch to encrypted messaging apps and introduce cryptocurrency. Stay vigilant and cautious.

RED FLAGS

Below are some common Red Flags that may indicate that the situation is part of a scam.

• Unsolicited messages or calls asking you to make payments using cryptocurrency ATMs, cryptocurrency, or mobile payment apps.
• Requests to set up Bank-to-Bank transfers.
• Requests to "resolve an issue" or "unlock" your account by sending cryptocurrency.
• Promises of quick profits from cryptocurrency investments.
• Any pressure to act immediately or risk financial penalties.

BOTTOM LINE

Not all Crypto, Mobile Payment Apps, or Bank-to-Bank transfers will lead to a scam. However, the more knowledge you have and research you do to be informed about the bad actors who are posing as trustworthy sources, friends or romantic partners, the safer you and your finances will be. REMEMBER: no legitimate organization, including your bank or government agency, will request payment through a cryptocurrency ATM. Never proceed if asked to do so! Report the incident to the Federal Trade Commission (FTC) and your local law enforcement agency.

IMPORTANT CONTACTS

• Artisans’ Bank Customer Service: 302-884-6850 
• FBI Internet Crime Complaint Center: www.IC3.gov 
• Federal Trade Commission: www.ReportFraud.ftc.gov