Transcript: Cryptocurrency scams

[This video uses animation to convey spoken content.]

[Music plays]

[The CIBC logo appears.]

[Cyber fraud prevention: Cryptocurrency scams.]

[A mobile phone appears on screen. A message pops up.]

>>Narrator: One day when scrolling on social media, you receive a direct message from an account you do not follow.

The message says that they are a successful investor with an opportunity to invest in a new cryptocurrency. They say this investment is high reward, attaching a performance report for proof.

Be careful, you may have been the target of a cryptocurrency scam.

[What is a cryptocurrency scam?]

More and more business is conducted online every day, and that puts all of us at increased risk for online fraud.

In recent years, there has been a rise in popularity of cryptocurrencies.

[A laptop is on screen with an online bank account open. The funds are decreasing.]

Fraudsters have taken advantage of this rise in cryptocurrency to scam people out of money because cryptocurrency transactions are hard to trace and recover.

In a cryptocurrency scam, a fraudster will use various schemes to convince you to buy, pay or invest in cryptocurrencies.

These scams include crypto-only payments, investment schemes and phishing methods to acquire your digital wallet private key.

[Recognize cryptocurrency scams]

Not all online scams are easy to spot. Help protect yourself by looking out for the following signs.

A cryptocurrency investment opportunity that sounds too good to be true, such as having a guaranteed high return, no risk or the promise of free money, even if the opportunity is promoted by a celebrity or influencer.

Vague details about where your investment funds are going.

And unsolicited emails, SMS or instant messages about cryptocurrency, especially if they have incorrect grammar or spelling errors.

[Protect yourself]

You can help protect yourself by remembering these 4 simple rules.

[Research]

Do your research and make sure you understand where your money is going before investing.

[Be skeptical]

Think twice before making a payment with cryptocurrency, A credible institution will not force you to pay with cryptocurrency.

[Don’t engage]

If you receive a suspicious email or text, don’t respond, don’t click any links and don’t open any file attachments.

[Protect your digital wallet]

And never share your digital wallet private key with anyone.

Cybercrime is on the rise, and you can protect yourself.

[To learn more about fraud, including what to do if you've been a victim, visit us.cibc.com/FraudPrevention.]

[The CIBC logo appears on screen. Legal disclaimer: “The CIBC logo is a trademark of CIBC.”]