Cryptocurrency is gaining popularity — and so are scams targeting investors. At First Interstate, we want to help our clients stay informed and protect their money.
Scammers often use social media to build trust with potential victims. They may pose as financial advisors, influencers, or even friends. Once a relationship is established, they encourage victims to “invest” in cryptocurrency through fake apps or websites.
These scams typically involve:
- Promises of high returns with little risk
- Pressure to act quickly or keep the opportunity secret
- Requests for payment in cryptocurrency
Once funds are sent, they’re nearly impossible to recover — and unlike money in a bank account, cryptocurrency is not insured by the Federal Deposit Insurance Corp. (FDIC).
If you’re considering a cryptocurrency investment, take these steps to stay safe:
- Verify the source: Research the person or company offering the investment.
- Use trusted platforms: Only invest through reputable, regulated exchanges.
- Be cautious with apps: Download apps only from official app stores and check reviews.
- Don’t rush: Scammers often create urgency to prevent you from thinking things through.
- Talk to someone: If something feels off, consult a trusted advisor or banker.
We encourage clients to explore these resources for additional guidance:
- Banzai Client Education: Recognizing and Avoiding Scams
- Banzai Client Education: A Practical Guide to Bitcoin
- Banzai Client Education: What’s Next for Cryptocurrency
- American Bankers Association: Cryptocurrency Confidence Scams
- American Bankers Association: Cryptocurrency Scams
