AARP Scam Alert: Avoid Crypto Scams

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Here’s a New Year’s resolution we could all benefit from: be vigilant of cryptocurrency scams. According to the Federal Trade Commission, fraud involving crypto investment programs and crypto as payment in other systems skyrocketed in 2022. Reported losses topped $1 billion.

Last year, the evergreen online romance scam morphed into crypto investment opportunities from platforms such as Facebook, Instagram, and LinkedIn in addition to dating sites and apps. The target may see their assets increase in value as they continue to invest more money, only the crypto exchange they are on is fake. When they try to cash out, they are told that they have to pay excessive fees first and they don’t get their money back.

In crypto as a payment system, criminals convince targets that an urgent matter requires quick payment and direct them to a nearby cryptocurrency ATM that converts the cash into e-money. These losses are practically irrecoverable.

The best way to avoid these scams, really any scam, is to know about them so you don’t get involved in the first place. Seek advice from a financial adviser on investing, and anyone pressuring you to pay crypto to deal with an urgent or urgent matter is a criminal.

Be a fraud fighter! If you can spot a scam, you can stop a scam.

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

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