Cryptocurrency investment scams are on the rise and resulting in significant losses.
Victims are typically promised huge returns in just a matter of days or weeks.
“A tremendous number of people think that they have heard about this crypto investment from somebody who’s a friend on Facebook or Instagram. It’s really somebody impersonating a friend,” said Steve Baker, the BBB’s international investigations specialist.
People believe they’re hearing from someone they “know and trust” who tells them that they have had “a really great experience with these investments,” and then directs them to a place where they can supposedly invest the money, Baker said.
By the time you realize you’re dealing with fraudsters, the money is gone – forever.
Before you talk to anyone about investing in cryptocurrency (or any other investment, for that matter), verify that the individuals and firms offering the investment are licensed or registered by using the search tool on Investor.gov.
Remember: All investments in virtual currencies are high risk. Anyone who says they can “guarantee” your return is a crook.
More Info: Fraud Alert: Criminals Pitch Bogus Cryptocurrency Investments
