Here’s how Bitcoin Well is making it easier to protect yourself against fraud
If you’ve used one of Bitcoin Well’s ATMs recently, you may have noticed we’ve added two new screens cautioning you to be vigilant and protect yourself against fraud.
The new screens aren’t designed to scare you. Our goal is to give all our consumers the information you need to make safe decisions and avoid scams.
By sharing this information directly with you, we’re also taking the onus off our operators – the awesome people who host our ATMs – to explain these warnings.
Really, scams aren’t anything new. Just as criminals have tried to con people out of their cash for as long as cash has been around, they’ve come up with similar ways to target bitcoin holders. At Bitcoin Well, we want your bitcoin to stay with you, which is why we’re taking steps to educate and empower our customers.
We’re proud to be a trusted voice in user safety, education and innovation not just for bitcoin holders but for the industry, as a whole.
As Canada’s non-custodial bitcoin company, we are committed to leading the way in industry compliance. We’re passionate about putting your security at the forefront and providing the safest and fastest way to buy your bitcoin.
With that in mind, here’s what to expect next time you use a Bitcoin Well ATM.
Bitcoin Well’s new anti-fraud ATM screens
The two new anti-fraud screens you’ll read at our ATMs won’t slow you down much. But they just might stop you from being the victim of a scammer.
Here’s what they look like:
Ultimately, the screens are designed to help you identify some common red flags for scams or fraudulent activity. The few seconds it will take you to read them, pause and question whether the request you’re dealing with is legitimate, may be enough to scare off a scammer.
Our research has indicated that when scammers are held up by even five to ten seconds, they often hang up.
Or, thanks to the reminders on these new screens, you may decide something sounds fishy and stop the transaction yourself.
Either way, we want to give you the chance to consider and possibly cancel your bitcoin transaction.
Guard against these common consumer threats
When it comes to cryptocurrency fraud, criminals target their victims primarily through online transactions and bitcoin ATMs.
Briefly, here are some of the most common threats to be wary of:
- Ransomware. It may be a virus on your computer or phone, or you may receive a threatening email.
- Romance scams. If someone you meet online and develop a relationship with asks you to send bitcoin, that’s a clear red flag.
- Fake investment platforms. A criminal may ask you to buy bitcoin from a legal exchange and send it to them to “manage your investment”.
- Social engineering. Fraudsters target victims through Facebook groups, Google searches and cold calls, posing as employees of a legitimate exchange who can “help” with a deposit or other activity.
- Multi-level marketing schemes. This is your typical pyramid structure scheme, where a company will ask you to join a group and pay a membership fee in bitcoin so you can start signing up other users on their behalf.
- Employment scams. If a company asks you for advance bitcoin payment in exchange for their job-related services, that’s cause for concern.
- Phishing. A criminal may set up a fake website or email address to trick you into entering secure credentials and then make transactions in their favor.
- Elder abuse. Senior citizens are often duped, bullied or threatened into making bitcoin transactions leading to significant financial loss.
Learning how to identify illegal activity will protect you from the methods criminals use to exploit the bitcoin market or you as an individual consumer.
Want to know more? We have just the thing.
Educate and empower yourself with Bitcoin Academy
If you’re interested in learning more about how to protect yourself from bitcoin fraud and growing your knowledge about bitcoin in general, check out our Bitcoin Academy course! It’s free to enroll and filled with information to empower you as a bitcoin holder.
The course takes roughly four to five hours to complete. By the end, you’ll have a much better understanding of bitcoin and have the tools you need to become financially sovereign.
As the longest-serving, founder-led bitcoin ATM company in Canada, it’s our pleasure to provide a trusted source of information and help our consumers reach their financial goals.
Interested in learning more about Bitcoin Academy? You can check it out here.
In the meantime, stay safe, be diligent, and happy bitcoining.