As EverSafe members are aware, we believe that knowledge is power. And keeping on top of the latest scams and educating loved ones and clients is critical. One of the most common schemes we are seeing now involves bitcoin. Simply put, bitcoin is a type of cryptocurrency (a “virtual” form of money) designed to act as currency and a form of payment outside the control of any one person, group, or entity. It was designed to disengage the involvement of third-parties (i.e. bank or brokerage) from the financial transaction which is used to effect the scheme. Although bitcoin is popular with some investors, scammers are now using bitcoin machines to complete their nefarious schemes. This permits them to “fly under the radar” as they pursue fraud or theft. The bitcoin scam may operate as follows: an individual receives a text, email, or pop-up on their computer which indicates that their financial accounts are at risk. This false information may claim that their funds have been used in a crime. Other victims claim that they were asked by their boss to buy gift cards for clients or employees (at holiday time) using bitcoin, but that they are out of the country so that the gift card numbers need to be read to them. There are variations on this theme, but the bottom line is a direction to withdraw funds from their account and complete the transaction in bitcoin. Many of these victims are directed to ATM machines that deal in bitcoin, often located at gas stations. The bottom line? If you or a loved one is contacted and directed to send money via bitcoin, assume that it is a scam. This is especially true if you are directed to an ATM machine to complete the transaction. As with any suspicious communication, you can contact EverSafe to discuss what is happening. Most important, do not respond, call telephone numbers, or click any links in the communication. As always, contacting your financial institution to let them know about the scheme is critical.