Cryptocurrency, or crypto as it is referred to, has been in headlines lately for all the wrong reasons. If you are curious about cryptocurrency, here are a few things to know:

• Crypto is a form of digital currency that only exists electronically
• Crypto is purchased through an exchange, an app, or website
• People use or buy crypto for many reasons including: using it as an investment hoping the value goes up, quick payments, avoiding traditional bank transaction fees, or because the transaction can offer some anonymity
• The value of crypto changes constantly

Crypto Scams to Watch For

Many of these scams are not new. Crypto is just the latest currency by which scammers are trying to get your money. Here are a few as noted by the Consumer Trade Commission:

• Unsolicited Investment Scam - watch for any offer that promises "zero risk" or "huge return" that you did not ask for
• Impersonation Scams - these include requests for crypto payment to fix supposed fraud on your account; these requests appear to come from reputable companies that are being impersonated such as Amazon, Microsoft, or large national banks
• Job Scams - these include job offers to work in the crypto industry; these "jobs" will only start when you have paid a fee in crypto; of course these "jobs" never materialize
• Blackmail Scams - these can be delivered as a letter sent via the US mail or an e-mail. The scammer will claim to have embarrassing information (photos or videos) about you and threaten to make it public if you don't pay their "fee" in crypto

If you believe you have been the victim of any scam, reach out to the appropriate authorities and notify NGFCU immediately if your accounts are possibly affected.