Last Updated on February 17, 2021 by rampartsecurity

This past July saw a number of high-profile social media accounts (mostly accounts with at least a million followers) hacked by outside parties to engage in a cryptocurrency scam. Cryptocurrency is digital money – no physical coin or dollar bill. Since cryptocurrency does not have physical coins or dollar bills, it can be transferred online without a bank. A popular cryptocurrency is Bitcoin, among others. What do you need to know to protect yourself as cryptocurrency activity grows? The FTC’s Consumer Information site points out that while credit cards and debit cards have legal protections when you need to dispute a purchase, cryptocurrency payments are typically not reversible. Cryptocurrencies are not insured by the government, so if you have cryptocurrency in your digital wallet, and the company goes out of business or is hacked, you may be out of luck. If you receive a message anywhere demanding you pay in Bitcoin and giving you no other option, chances are it’s a scam. Scams that promise free money in dollars or cryptocurrency or other high reward, low risks investments are places that you likely should steer away from.