Consider this:
You get a call from someone claiming to be with the federal government. They inform you that your bank account has been compromised and you are about to lose all your money if you don’t move it quickly.
They are very convincing and, in a panic, you take out your savings in cash.
The caller gives you an address nearby that hosts a Bitcoin ATM. They insist that sending the money to them will ensure it is kept safe in a government cryptocurrency account. You enter the code you received into the Bitcoin ATM and insert the cash.
The money is gone forever – straight into a scammer’s hands.
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According to the Federal Trade Commission (FTC), scammers prefer Bitcoin transfers as they are nearly impossible to reverse or trace. As a rule, never move your money to protect it – the safest place for it is in your account. If you do have any concerns, contact your bank directly at a verified number.
Visit the FTC’s articles on Bitcoin ATM Scams and Move Your Money Scams to learn more.
If you are a MVSB customer and someone is requesting that you move your money to protect it, please call us directly at 800.922.6872 so that we can assist you with protecting your accounts and identity.
