Be Aware of These Bitcoin Scams!
👀 Don't be a victim, know what to look out for
Here’s what to expect in this newsletter!
(P.S. If this newsletter is cut off in your email just visit our Substack!)
📰 Interesting financial news: Stay up to date on what’s happening in the economy.
📈 What’s popping in the stock market: The 411 on trending/interesting stock market news.
📝 This week’s main topic: What this newsletter’s title is about!
🥰 Team CGF’s Amazon favs: Affordable yet helpful Amazon finds.
📰 Interesting financial news
A Silicon Valley exec had $400,000 stolen by cybercriminals while buying a home. Here's her warning. (NBC News)
Food Prices Rose 28% In 5 Years. Here’s Why. (Nerd Wallet)
📈 What’s popping in the stock market
Disney searches for it’s next big boss. (Ticker Symbol: DIS)
Spirit Stock Soars. The budget airline isn’t going bankrupt…yet. (Ticker Symbol: SAVE)
Decade of big S&P 500 gains is over, Goldman strategists say.
📝 Main topic: Be aware of Bitcoin ATM scams!
Bitcoin ATM scams are at an all-time high. The Federal Trade Commission published a report on September 3rd showing that fraud losses totaled approximately $66 million in the first six months of 2024 and $110 million in 2023. The medium loss for victims of these scams is $10,000.
Along with the ATM scam, another phishing email scam is also underway.
What is a Bitcoin ATM scam?
These scams target everyone, young and old. However, consumers over 60 have been more heavily targeted.
The Bitcoin ATM scam starts with you receiving an alert on your phone, laptop, or tablet saying that your account has a problem, such as a possible identity theft or account breach.
These notifications often look like messages you’ve received in the past. From there, scammers might communicate with you through the app or urge you to call their customer service.
If a scammer gets you on the phone, they will pretend to be a customer service or tech agent. They might even have you on a call with someone posing as a federal agent.
The scammers will urge you to act immediately by directing you to withdraw money from your account and deposit it into a Bitcoin ATM. These ATMs are similar to regular ATMs but are set up to exchange traditional currency for Bitcoin.
At the Bitcoin ATM, you will be directed to scan a QR code connected to the scammer’s account. Once your money is deposited into a Bitcoin ATM, it is immediately sent to the scammer’s account.
Unfortunately, this isn’t the only way scammers are trying to get people to send them Bitcoin.
A new sneaky Bitcoin email scam
According to HuffPost, scammers are now using emails with photos of people’s homes to scare them into sending money. A random email with an attached PDF showing a picture of the outside of your home is sent to you.
Scary right?
The email will make threats, saying that they have footage of you doing embarrassing things in your home and will release the footage if you don’t send money to them, usually via Bitcoin.
While this might seem like you need to take immediate action, these emails are just scare tactics. Most of the time, they just stole a picture of your home from Google Maps.
Experts say they most likely obtained your address from a data breach, entered it into Google Maps, and copied and pasted the photo into a PDF to scare you. Chances are they don’t have any footage of you in your home.
What makes these scams so dangerous
The worst part about Bitcoin scams is that it’s nearly impossible to recuperate the money after it’s been sent. Many scammers are in other countries; tracking money internationally is costly and time-consuming.
Now, we don’t mean to scare you; we know these facts can be alarming. The good news is that you can protect yourself.
How to avoid Bitcoin scams 🔐
When it comes to most scams, knowledge is power. Knowing how to spot a fraud or respond can save you time and money.
1. Pay attention to the tall tale signs
The first way people get scammed is because they don’t know they are being scammed. If you get an odd notification, take a moment to assess the situation. Try to remember if you’ve received similar notifications in the past. You can also check your account to see if things look abnormal.
If you receive a phone call from someone, notice if they are rushing or pressuring you to act immediately. Scammers do this so you don’t have time to second-guess, and you do what you’re told.
The red flag is when someone asks you to send money through a Bitcoin ATM. Once that happens, you know it’s a scam.
Additionally, pay attention to how the messages are written. Since scammers are trying to rush you, messages are often riddled with grammatical or spelling errors.
2. The IRS and bill collectors do not accept Bitcoin
Some scams involve receiving a call from the IRS asking you to settle your debt by sending them Bitcoin. However, the IRS or any bill collector don’t accept Bitcoin. If someone is posing as an official company, even a company you may owe money to, know they don’t accept Bitcoin.
3. Verify where the message is coming from
If you get an alarming email or notification, always check the source. Often, the email address will have random letters and numbers and not be attached to a legitimate company.
If it does have a company name, double-check the spelling. If there’s an extra letter or number, you know it’s not legit.
4. Be cautious when sending Bitcoin
If you use Bitcoin ATMs, know that some are more legitimate than others. With a Google search, you can find out which machines are reputable. Additionally, pay close attention to the transaction fees when making conversions. Small fees are standard, but very high fees can signify a scam.
Additionally, if someone you barely know or even someone you do know is asking you to send them Bitcoin, this could be a red flag. Always communicate with the person before making any monetary transfer. If there’s a QR involved, make sure the address of the code matches the person you’re sending money to.
5. Stay educated
Being aware of these scams can save you time and money. When new scams are prevalent, news channels and publications often share information on how to spot them. Knowing how to identify a scam is the best way to safeguard your money.
Unfortunately, scams have become part of life and, the best defense is financial knowledge. Remember to slow down, question, and always check your accounts for suspicious activities.
If you’re looking to become more financially savvy, be sure to check out our free course on building a solid financial foundation.
🥰 Team CGF’s Amazon Favs: Cozy Fall decor
Pumpkin spice latte season, also known as Fall, has arrived. With the colder weather, one of the best ways to pass the time is to get cozy and warm indoors. We have some affordable and delightful Amazon favorites that will help you welcome the fall season.
P.S. If you make a purchase we may earn a commission, this helps us grow!
Fall Candle Set
What comes to mind if you could think of scents that describe fall? Do you start to smell apple pies baking in the oven? Perhaps you’re dreaming of cinnamon and pumpkin scents. If you’re delighted by those aromas, you’ll love this fall candle set.
The warming scent of autumn wreaths, harvest season, cinnamon pumpkin, and apple pie will fill your space for up to 50 hours. After a long day, let these scents help you relax and unwind.
This candle set can be a great addition to your home or a gift to someone you know who loves candles.
Mason Jar Lights Centerpiece
If you like to decorate for fall, you’ve probably started switching out bed sheets, putting in an autumn-colored rug, and maybe even hanging a wreath. Yet, amongst all your decorations, there’s one missing thing.
The Mkono Mason Jar Light Centerpiece is perfect for your fall decor. Whether you have a modern or more rustic look, this centerpiece will blend in.
While the set comes with artificial flowers, you can add your greenery to spruce it up.
Fix-It and Forget-It Best of Fall Slow Cooker Recipes
Fall is the time for soups, stews, and baked goods. It’s also the time of the year when things get busy, and no one has time to cook. You’ve been there, which is why you bought a slow cooker. Yet you’ve probably only used it a handful of times because you only know a few recipes.
Well, luckily, the Fix It and Forget It Recipe Book has over 150+ easy slow cooker meals.
This collection features the best slow cooker recipes that truly embrace fall flavors. From appetizers to soups, meat and vegetarian dishes, breakfasts, beverages, and decadent desserts—these 150+ easy, family-friendly meals.
Make your life easier with this cookbook that does all your meal planning for you.
Warm Soft Wool Socks
Nothing says warm and cozy quite like a pair of warm, soft wool socks. These socks come in fun patterns and designs and are comfortable, breathable, and durable. They are perfect for wearing when nights are cold, and for walking on hardwood floors.