The safest way to make a charitable donation is by credit card, according to the Federal Trade Commission. Instead, go directly to the charity’s website and donate there.” How should I donate?įirst-time donors often make the mistake of donating with debit cards, which are directly linked to their bank accounts and are therefore considered a more vulnerable payment method. If you have donated to the charity in the past, don’t click any links in the email. “If you don’t remember supporting the charity in the past, it’s likely that it’s a fraudulent email. “People should also be especially wary of donation requests they receive-in fact, many scammers will try to convince you that you’ve previously given to their organization,” Hanson told Fortune. This is a tried and true tactic of cyber scammers, who want to deceive altruistic people out of their hard earned money. What are red flags for fundraising scams?ĭonation requests from charities you don’t recognize that claim you are a past contributing member should raise red flags, according to Hanson. Some well-known charitable organizations accepting crypto include The Giving Block and Ukraine DAO. Make sure to do some research before you donate to a given charity. Ukraine has raised more than $54 million from Bitcoin donations, $15 million of which have been spent on military supplies such as bulletproof vests. Always donate directly through an organization’s website and not through an email link.” What about giving crypto? A click on a fraudulent link could give scammers access to your personal information. Fraudsters are skilled at creating email messages and websites that mimic those of legitimate charities. “Email is the preferred method of communication by many scammers. “Be cautious with clicking,” Hanson told Fortune. If you do want to donate to a lesser-known Ukrainian charity, make sure to go directly to the organization’s website to make a donation for increased peace of mind. Make sure that those charities are also doing work directly in or around Ukraine, or are working with reputable organizations on the ground. If you are looking to donate funds to victims of the Ukraine-Russia war, you can give money to reputable charities directly through their websites. “Make sure the charity you have in mind has no charges or complaints against them-this can be done by going to a search engine and typing in the organization name with search terms such as ‘complaints,’ ‘review’ or ‘scam.’ If you find results that suggest the charity may be a scam, stay away from it.” Who to donate to? “Do research first,” Hanson told Fortune. It’s important not to get caught up in the urgency of a situation, and still conduct due diligence to ensure you’re donating to a legitimate organization, according to Paige Hanson, chief of Cyber Safety Education at NortonLifeLock, who has previously created educational videos on identity theft, and digital safety. When a major crisis like Ukraine causes a surge of charitable donations however, it can also be used by bad actors taking advantage of global goodwill by creating scam charities. And because The Giving Block works with vetted charities and nonprofits, you can rest assured that your donation will be received by the organization(s) you’re supporting.For some, that meant booking vacant Ukrainian AirBnb’s that they have no intention of staying in just to help financially support Ukrainian families with some kind of income stream.īut for most people, that means donating money and cryptocurrency to help Ukrainians in need. According to the IRS, deductions related to cryptocurrency donations apply to US taxpayers only when they donate to registered US nonprofits and charities.ĭonations made to the charities participating in The Giving Block’s Ukraine Emergency Response Fund, or to the fund itself, are considered tax-deductible for US taxpayers. While this shouldn’t be the sole determining factor on whether or not you contribute, the answer depends on where you pay taxes and which organization you give to. Are Crypto Donations to Help Ukraine Tax Deductible?Īs word spreads about the need to help in Ukraine, many people have asked if donating to Ukraine relief efforts was tax-deductible. Their ability to do so is largely due to generosity of their supporters, who give what they can to support these efforts. Many nonprofits are actively ramping up to help in Ukraine.
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