Things to know in order to avoid cryptocurrency scams

Things to know in order to avoid cryptocurrency scams

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TYLER, Texas (KETK) – Due to the increase in reports of cryptocurrency scams, authorities offer tips to avoid being scammed.

According to the Federal Trade Commission (FTC), the use of cryptocurrency due to scams is increasing. The FTC said scammers have begun using cryptocurrencies for scams because their payments and transfers have no legal protection, are exclusively digital, difficult to trace, and the transactions are not reversible.

The FTC offers some red flags to watch out for crypto scams:

  • A company or individual requiring payment in the form of cryptocurrency is likely a scam; Legitimate businesses will not demand cryptocurrency as payment for goods and services.
  • If someone promises profits or great returns when investing in a cryptocurrency, it is a scam.
  • If someone on a dating app or social media platform tries to get you to invest in cryptocurrency, it’s a scam.

Cryptocurrency scams are also finding new ways to trick people, the City of Tyler Police Department made a statement on Monday warning of scams impersonating the police department and demanding cryptocurrency to pay a fine. They said the scammers have been instructing people to use crypto ATMs to transfer their money into cryptocurrency and send it to the scammers.

Tyler PD said they will never request cryptocurrency as payment and reminds the public that any similar agency would not either. They warn that scammers can ‘spoof’ a Tyler police phone numberto make the call appear legitimate.

Officials suggest that if you receive a call that appears to be a scam from an official agency, hang up and call an official number to verify the information.

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