No. 4 scam of 2023: Cryptocurrency scam
News 8 On Your Side consumer investigator Brian Roche is counting down the top 5 scams of 2023.Coming in at No. 4 is a scam that can cost its victims a lot of money without much hope of getting any of it back: the cryptocurrency scam.Cryptocurrency has become a favored tool for scammers because the money you send them cannot be traced. Bad guys are running a whole bunch of different scams, but when they start asking for payment in some kind of cryptocurrency — that’s a sure sign of bad intentions.Those crypto ATMs cropping up in convenience stores, gas stations, and big retailers are something scammers are taking advantage of.Pretending to be government officials, utility agents or sweepstakes representatives, fraudsters direct you to pay a fee, a bill or a handling charge by sending cryptocurrency bought at these ATMs to an untraceable digital wallet.Once you send the money, it’s irreversible. There’s no way to get your money back.According to the Federal Trade Commission, “Nobody from the government, law enforcement, a utility company or contest promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time.” During the past year, stricter regulation of cryptocurrency has been discussed in worldwide financial markets — but all it’s been is talk.Meanwhile, you should be highly suspicious of anyone asking you to transfer money using cryptocurrency.Video below: No. 5 scam of 2023
News 8 On Your Side consumer investigator Brian Roche is counting down the top 5 scams of 2023.
Coming in at No. 4 is a scam that can cost its victims a lot of money without much hope of getting any of it back: the cryptocurrency scam.
Cryptocurrency has become a favored tool for scammers because the money you send them cannot be traced.
Bad guys are running a whole bunch of different scams, but when they start asking for payment in some kind of cryptocurrency — that’s a sure sign of bad intentions.
Those crypto ATMs cropping up in convenience stores, gas stations, and big retailers are something scammers are taking advantage of.
Pretending to be government officials, utility agents or sweepstakes representatives, fraudsters direct you to pay a fee, a bill or a handling charge by sending cryptocurrency bought at these ATMs to an untraceable digital wallet.
Once you send the money, it’s irreversible. There’s no way to get your money back.
According to the Federal Trade Commission, “Nobody from the government, law enforcement, a utility company or contest promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time.”
During the past year, stricter regulation of cryptocurrency has been discussed in worldwide financial markets — but all it’s been is talk.
Meanwhile, you should be highly suspicious of anyone asking you to transfer money using cryptocurrency.
Video below: No. 5 scam of 2023
