Cryptocurrency’s promise of high returns has also become a fast track for fraud. In 2024, victims reported more than $6.5 billion in losses to crypto-investment scams—more than any other category of financial fraud*. Many of these schemes, known as “investment clubs” or pig-butchering, recruit targets through social apps like Telegram, WhatsApp, and even LinkedIn, then pressure them to send real-world funds via wire, Zelle®, or ACH to fake exchanges. Because every dollar you lose often starts (and ends) in a bank account, recognizing the bank-side warning signs is the smartest way to protect your finances.
1. Urgent wire instructions to an unfamiliar account
2. Zelle® requests to brand-new contacts
3. Prepaid card or cash deposit for “crypto ATM” QR codes
4. Pressure to keep transactions secret from your bank
5. Instant transfers with no reversal option
6. Refusal to verify via your bank or a trusted number
1. Verify platforms yourself. Research FINCEN registration, BBB ratings, and independent reviews—never rely on screenshots.
2. Fund only through channels you control. Use official ACH or debit-link funding on reputable exchanges—avoid sending to strangers’ accounts.
3. Talk it through. A quick call to a banking center specialist or a trusted friend can break the scam’s pressure tactics.
*References
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