Cryptocurrency Scams
November 4, 2024
Cryptocurrency scams occur when scammers convince others to make crypto investments through fake apps and websites. Crypto investing is still a relatively new form of investing and, as a result, there are a lot of individuals who claim to be experts or know experts who can recommend investment strategies. As with any scam, there are common warning signs associated with crypto scams.
Warning Signs
- Unsolicited contact by an individual you do not know.
- Individual encourages you to limit contact with your bank and financial advisor.
- Befriends you online and shares “can’t-miss” investment opportunities.
- Advises you to take immediate action and invest more money or pay fees.
- Misspells website links.
How to Protect Yourself
- Perform thorough research before investing in anything.
- Take a step back when someone tells you to make an immediate decision.
- Do not send money to anyone you meet online or through an app and do not download unfamiliar apps.
- Do not pay for services that offer to recover your lost funds.
- Do not trust advice from anyone who claims an investment is a “sure bet,” as every investment involves risk.
Steps to Take if You Have Fallen Victim to a Crypto Scam
- Stop sending money to the scammer immediately.
- Contact your bank or financial institution.
- Keep all records related to the scam.
- File a report with the FBI Internet Complaint Center at IC3.gov.