According to the FBI, the number of people victimized by cryptocurrency scams is on the rise along with the financial losses of the victims.
In one case, a 61-year-old Denver woman lost around $1.3 million in a Tether investment fraud scheme, according to a FBI Denver office press release.
โDenver office researchers are seeing an emerging trend in which mature adults are getting caught up in crypto investment scams, especially those involving Tether and USD Coin,โ the statement said.
In 2021, Coloradans reported losing around $25 million due to investment scams, according to the FBI. Internet Crime Complaint Center. Coloradans age 60 and older lost more money to scams than any other age group, according to the statement.
Common scams unfold when the victim is approached on a social media platform, dating app, or discussion forum with a cryptocurrency investment opportunity; and the victim is directed to a link or phone number to set up the investment account, the FBI said. As part of the scam, โthe link or phone number is controlled by the scammer, who has created a fictitious support site. Once the victim transfers the funds, the scammer disappears with the money."
Nationwide since 2021, $575 million of all crypto fraud losses reported to the Federal Trade Commission were due to bogus investment opportunities, according to the press release. Over 46,000 people reported losing over $1 billion to crypto scams. Losses reported in 2021 were almost 60 times higher than in 2018.
Another Colorado scam involved a Parker couple in their late 40s who lost $1.2 million in a Tether investment fraud.
โAs more people use and invest in cryptocurrency, the more cryptocurrency scams we see,โ said Special Agent in Charge Mark Michalek. โThe FBI will investigate reports of crypto scams, but the best course of action is not to fall victim in the first place. fbi denver he wants people to be aware of the warning signs and be alert to the ways scammers are trying to lure them in.โ
Steps people can take to avoid becoming a victim, according to the FBI, include searching online for the name of the company or person making the filing. Search terms can include connected words like "review," "scam," or "complaint." Investors must navigate to the websites independently, rather than using a provided link or QR code.
Individuals who suspect they have been victimized are urged to file a complaint with the FBI online at ic3.gov.
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