BBB warns of cryptocurrency scams

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HARRISONBURG, Va. (WHSV) – Not too long ago, the Federal Commerce Fee launched a report exhibiting for the reason that starting of 2021, greater than 46,000 folks have reported shedding greater than a billion {dollars} from scams involving cryptocurrency.

“If anyone is asking you for fee in cryptocurrency, you need to run the opposite method. If any individual reaches out to you on social media, as a good friend, and says they’ve an ideal alternative for you and have made this a lot cash you simply must pay them, give them this amount of cash – run the opposite method,” Julie Wheeler defined.

Wheeler is the president and CEO of the Higher Enterprise Bureau serving Western Virginia. She says cryptocurrency is a nonmonetary method of doing transactions.

“Sadly using cryptocurrency has significantly broadened and expanded because the rip-off artists have realized that it’s a method they are saying they’re conducting their gross sales or purchases,” Wheeler defined. “They do it beneath the radar,” Wheeler mentioned.

The FTC reports that $575 million have been misplaced in investment-related cryptocurrency scams.

Another methods folks might change into victims of the schemes are by means of romance scams, and enterprise or authorities imposters. Wheeler says it is advisable make sure you recognize all of the information earlier than utilizing it.

“You actually need to [use] impartial information sources, be sure that it’s not advertorial. Don’t make investments something you can not afford to lose,” she added.

Wheeler says these within the 25-40 age group have been most affected. To learn extra about cryptocurrency scams, click here.

Copyright 2022 WHSV. All rights reserved.



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