Transcript: CIBC Personal Banking — Cryptocurrency scams

[This video uses animation to convey spoken content.]

[Music playing.]

[The CIBC logo appears.]

[Cyber fraud prevention: Cryptocurrency scams]

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

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 cibc.com/fraud.

[The CIBC logo appears.]

[The CIBC logo is a trademark of CIBC.]