- Only scammers demand cryptocurrency payments. Any business that operates legitimately will not require you to launch cryptocurrency in advance, or buy something or protect your money. That is always a scam.
- Only scammers guarantee high profits or returns. Do not trust people who promise you that you can make money quickly and easily on the cryptocurrency market.
- Do not confuse online dating with investment advice. If you meet someone on a dating site or app, and then they want to teach you how to invest in crypto, or ask them to send you a crypto, it is a scam.
Detect cryptocurrency scams
Scammers are using the same tried and tested tactics, but only now they are claiming payments in cryptocurrency. Investment scams are one of the main ways scammers use to entice you to buy cryptocurrency and send it to scammers.
But scammers also stand out as representatives of business, government agencies, romantic relationships, and other tactics.
Investment scams often promise that you can “make big money” with “zero risk,” and these scams often start on social media or dating sites or apps.
Of course, these scams also start with text, email or call. And in investment scams, cryptocurrency plays a key role in two ways: it can be for investment and for payment.
Here are some common investment scams and how to find them.
- The so-called “investment manager” contacts you unexpectedly. It promises to multiply your money, unless you buy cryptocurrencies and transfer them to its online account. The investment website you are targeting looks real, but it is actually fake, just as promised. If you log in to your “investment account”, you will not be able to withdraw your money at all, or you will only be able to do so if you pay high fees.
- A scammer pretends to be a celebrity who can multiply the cryptocurrencies you send him. But there is no celebrity who is communicating with you through social media. He is a scammer. And if you click on an unexpected link sent to you or they send you a cryptocurrency to the QR code of an appointed celebrity, that money goes straight into a cloud pocket and disappears.
- A virtual “lover” is asking you to send him money or cryptocurrencies to help him invest. It is a scam. As soon as someone you meet on a dating site or app asks you for money, or offers you investment advice, you know they are a scammer. The advice and offer to help you invest in cryptocurrencies are just scams. If you send him cryptocurrency, or any other form of money, it will be gone, and you will usually not get it back.
- Scammers guarantee to make you money or promise you high returns. No one can give you those guarantees. And much less in a short period of time. And when it comes to investing in cryptocurrencies, there is no such thing as “low risk”. So if a company or someone promises you a profit, it’s a scam. Even if they are endorsed by celebrities or testimonials from satisfied investors. That is something that can be easily faked.
- Scammers promise free money. They promise free cash or cryptocurrencies, but free cash promises are always false.
- Scammers make big claims without data or explanations. Whatever the investment, find out how it works and ask where your money will go. Honest investment managers or advisors will be willing to share that information and support data.
Before investing in cryptocurrencies, search online by entering the name of the company or person and the name of the cryptocurrency and adding words such as “review”, “scam” or “complaint”; If you do your search in Spanish, substitute “comment”, “fraud” or “complaint”. I read the opinions of others.
People who are the personalities of businesses, government agencies, and job seekers
In a scam by people pretending to be representatives of businesses, government agencies, or jobseekers, the scammer pretends to be someone you trust to convince you to send them money by buying and selling money. address.
- Scammers are reputable companies. This comes in waves, depending on the time, and scammers might say they work for Amazon, Microsoft, FedEx, your bank, or something else. Such a scam will send a text message, email, or contact you by phone or social media messages, or it may send a pop-up alert to your computer. They may tell you that their account was fraudulent, or that their money is at risk, and to solve the problem, you need to buy cryptocurrency and send it to them. But that is a scam. If you click on the link in a message, answer the call or call the number that appears in the popup window, you will be contacted by a scammer.
- Scammers represent representatives of new or established businesses that offer fraudulent coins and tokens. They will say that the company is entering the crypto world and for this they are issuing their own virtual currency or token. To support this argument and entice people to buy that currency, they could set up social media ads, newspaper articles, or a fancy website. But those crypto coins and tokens are a scam that ends up stealing money from the people who buy them. Do some research online to find out if a company has issued a coin or token. If true, it will be widely reported by established media.
- Scammers stand as representatives of government agencies, law enforcement, or utility companies. These scammers may tell you that there is a legal problem, that you are owed money, or that, as a result of an investigation, your accounts or benefits are frozen. They tell you to solve the problem or protect your money by buying cryptocurrencies. They may tell you to send them to a specific wallet or a virtual wallet address for their “safety and protection.” There have even been a number of cases where scammers stay on the phone while ordering someone to go to a cryptocurrency ATM and give them step by step instructions on how to deposit the money and convert it into a cryptocurrency. They then tell you to send the cryptocurrencies by scanning a certain QR code, through which the payment is sent directly to the cloud wallet’s virtual wallet, and then disappears.
- Scammers post fake jobs on employment websites. They may even send unsolicited cryptocurrency-related job offers to help recruit investors, sell or mine cryptocurrency, or help convert cash into cryptocurrency. But those so-called “jobs” only come true if you pay a fee in cryptocurrency. Which is always, always, a scam. As their first business order, these scammers send you a check to put in your bank account. (Soon, it will be discovered that the check was fake). They will tell you to withdraw some of that money, use it to buy crypto for your “client,” and send the crypto to an account they tell you. But if you do, the money will go away, and you will have to return that money to the bank.
To avoid copybooks from businesses, government agencies and jobseekers, you need to know the following:
- No legitimate business or government agency will ever send you an email, text or social media message asking you for money. And they will not require you to buy crypto or pay in virtual currency.
- Never click on a link in an unexpected text message, email, or received via social media messages, even if it appears to be from a company you know.
- Do not pay someone who contacts you unexpectedly and demands payment in cryptocurrency.
- Never pay a fee to get a job. If someone asks you to pay in advance to get a job or tells you to buy cryptocurrency as part of a job, it is a scam.
Scammers may send emails or correspondence through the U.S. Postal Service telling you that photos, videos, or personal information about you are embarrassing or intrusive.
Then they threaten to make them public if you do not pay them with cryptocurrency. Don’t do it. This is blackmail and attempted criminal extortion. Report the incident immediately to FBI.
How to report cryptocurrency scams
Report fraud and other suspicious activity related to cryptocurrencies to:
- The FTC i ReportFraud.ftc.gov.
- Commodity Forward Trade Commission (CFTC) i CFTC.gov/ complaint.
- United States Securities and Exchange Commission (SEC) i sec.gov/tcr.
- The center that receives complaints about crimes committed on the Internet is known as the Crime Complaints Center (IC3). ic3.gov/Home/FileComplaint.
- The cryptocurrency exchange company you used to send the money.