Cryptocurrency has become more and more popular, but many people don't understand exactly how it works. Scammers know this, so they're riding the Crypto Craze to the bank.
Scams This Week 6/7/22
June 7, 2022
Cryptocurrency Scams: Why do Scammers love the Crypto? It is unregulated, which means they do not need a money mule because the victim is the money mule. It is a perfect storm for fraud. Investigators are seeing that among the reported investment scams, crypto is used the most, and Bitcoin is the top choice for scammers.
These scams come from commonly used apps like Instagram, Facebook, Whats App, and Telegram.
A common Crypto-related scam right now on Instagram is FOREX trading scammers. FOREX is the trading of foreign currencies which is complicated and many scammers are using that complexity and promise of big profits to lurer victims. While the National Futures Association (NFA) is actively shutting scammers down, like all other scams once one is shut down another pops up.
The key to any would-be investor is that if you do not have a full understanding of it, you should not be investing in it. If you still choose to go forward make sure that you're investing with a licensed broker. There are a lot of social media profiles that show HFX| FOREX| CRYPTO| MENTOR and catfished Bitcon Trader, Expert Miner, Binary Trade account managers on Instagram. They all claim they will make you wealthy, but these are not licensed brokers. REMEMBER:
- Only scammers guarantee profits. Never invest any more than you can afford to lose. With Forex scams, the chances of recovering funds are less.
- Nobody will require you to buy crypto to complete a purchase.
- Never mix your online dating with investment advice. That is a romance scam.
- Never let anyone have control or access to your Crypto Wallet.
Cryptocurrency scams can also happen with:
- P2P- CashApp purchase of Crypto
- Phishing emails
- Spoofed and Imposter Websites
- Crypto Giveaway scams
- Employment Scams
- Tech support scams