Cryptocurrency scams are on the rise, with thousands of people falling victim, prompting a consumer alert from the FBI. According to the FBI, many victims aren’t gullible but are sophisticated and tech-savvy individuals seeking investment opportunities. Con artists lure people with promises of fantastic returns for investing in cryptocurrencies, often through unsolicited text messages. Victims sometimes get access to online accounts showing investment income growing, but these are dummy accounts, and the money disappears once transferred. These scams cost $3.9 billion in losses in 2023; the previous year’s losses were about $5 billion. The FBI is part of Operation Level Up and is contacting victims via email or phone. The FBI advises people to be skeptical, avoid giving personal information to unsolicited contacts, and report if they are a victim.
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