Saturday, April 20, 2024

Be aware of scams involving crytocurrency ATMs

OBA-member banks and banks across the nation are seeing an alarming increase in customers withdrawing large sums of cash and entering the cash into a local cryptocurrency ATM based on instructions received from a scammer.

The Oklahoma Bankers Association urges our bankers to have conversations with their customers about these prolific scams. Bank employees should notify a supervisor when they are concerned a customer may be falling for a scam.

Please remind your customers:

  • Scammers are the only ones who will ask them to withdraw cash and enter it into a local bitcoin ATM – not Microsoft, law enforcement, a banking regulator saying the bank is about to fail, an attorney, a legitimate romantic interest nor a friend with a great investment opportunity. NO ONE will or should do so!
  • No law enforcement agency tells you when you are going to be arrested. They just show up with a warrant in hand.
  • Scammers may convince their victims to lie to anyone who asks questions, suggesting they say they are remodeling a kitchen, buying a new car or it’s simply none of their business. Please keep asking questions and informing consumers: You never know when something you say may make them stop and think about what is going on.
  • We’ve also heard stories of victims signing a non-disclosure agreement “prohibiting” them from discussing the matter with anyone.

Bankers can also download this poster, provided by the U.S. Secret Service, and post it in your bank today!

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National Consumer Protection Week runs March 3-9. Meanwhile, March 7 is National “Slam the Scam” Day as designated by the Social Security Administration’s Office of Inspector General to raise awareness of government imposter scams.

Additional information can be found at Imposter Scams Infographic | American Bankers Association (aba.com), ‘Pig Butchering’ Scams: What They Are and How to Avoid Them | FINRA.org, What To Do if You Were Scammed | Consumer Advice (ftc.gov).