At SRI Federal Credit Union, protecting our members from fraud is a top priority. Here’s what you need to know about these scams and how to stay safe.
How the Scam Works
- Fraudsters often pose as trusted authorities, such as law enforcement, government agencies, or even your utility company. The scam usually follows a similar pattern:
- You receive a call, text, or email claiming you owe money, have a fine, or need to make an urgent payment.
- The scammer pressures you to withdraw cash immediately and deposit it into a Bitcoin ATM.
- They provide a QR code or Bitcoin wallet address, instructing you to scan or enter it at the ATM to “make the payment.”
- Once you send the money, it’s converted to cryptocurrency and transferred instantly, making it nearly impossible to recover.
- Some scammers even pretend to be a friend or family member in distress, claiming they need your help right away.
Common Red Flags
Be alert for these warning signs:
- You’re told to make an urgent payment to avoid arrest, disconnection, or other consequences.
- The caller asks you to use a Bitcoin ATM, gift cards, or wire transfer.
- You’re given a QR code or wallet address to “pay” someone.
- You’re pressured to keep the transaction secret or told not to talk to your financial institution.
- If any of these happen, stop immediately and contact SRI Federal Credit Union before sending money.
How to Protect Yourself
- Never send money via Bitcoin ATMs to someone you don’t personally know.
- Verify requests by contacting the organization directly using an official phone number or website.
- Don’t trust caller ID; scammers can spoof real numbers.
- Report suspicious calls or messages to the FTC (ftc.gov) or your local police department.
- Educate family and friends, especially older adults, who are often targeted.
We’re Here to Help
If you ever feel uncertain about a payment request or believe you’ve been targeted by a scam, contact SRI Federal Credit Union right away. Our team can help you verify the situation and take steps to protect your accounts.
Fraudsters are getting more creative, but together, we can stay one step ahead.
Stay informed. Stay cautious. Stay protected.
At SRI Federal Credit Union, your safety and peace of mind always come first.
