July 4, 2022

BBB warns of cryptocurrency scams

HARRISONBURG, Va. (WHSV) – Recently, the Federal Trade Commission released a report showing since the beginning of 2021, more than 46,000 people have reported losing more than a billion dollars from scams involving cryptocurrency.

“If anybody is asking you for payment in cryptocurrency, you want to run the other way. If somebody reaches out to you on social media, as a friend, and says they have a great opportunity for you and have made this much money you just need to pay them, give them this amount of money – run the other way,” Julie Wheeler explained.

Wheeler is the president and CEO of the Better Business Bureau serving Western Virginia. She says cryptocurrency is a nonmonetary way of doing transactions.

“Unfortunately the use of cryptocurrency has greatly broadened and expanded as the scam artists have realized that it is a way they say they are conducting their sales or purchases,” Wheeler explained. “They do it under the radar,” Wheeler said.

The FTC reports that $575 million were lost in investment-related cryptocurrency scams.

Some other ways people may become victims of the schemes are through romance scams, and business or government imposters. Wheeler says you need to be sure you know all the facts before using it.

“You really want to [use] independent news sources, make sure it is not advertorial. Don’t invest anything you cannot afford to lose,” she added.

Wheeler says those in the 25-40 age group have been most affected. To read more about cryptocurrency scams, click here.

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