Cryptocurrency scams cost Americans more than $5.6B last year: FBI

[JACK AYLMER]

AS CRYPTOCURRENCIES LIKE BITCOIN AND ETHER SOAR IN POPULARITY– THE FBI WARNS SCAMS ARE RISING TOO.

THE FBI REVEALING MONDAY AMERICANS WERE SWINDLED OUT OF MORE THAN FIVE AND A HALF BILLION DOLLARS IN CRYPTO FRAUD SCHEMES IN 2023– A 45 PERCENT JUMP FROM THE YEAR BEFORE.

THE AGENCY SAYS THE ‘DECENTRALIZED’ NATURE OF CRYPTO AND ABILITY TO QUICKLY TRANSFER THE FUNDS MAKES IT A COMMON AVENUE FOR CRIMINALS.

THE FEDS WARN THIEVES OFTEN DISGUISE THEMSELVES THROUGH ONLINE DATING PROFILES OR SOCIAL MEDIA.

DEVELOPING A RELATIONSHIP WITH THE VICTIM BEFORE LEADING THEM TO FAKE WEBSITES TO STEAL THEIR MONEY.

IN SOME CASES, VICTIMS ARE TARGETED BY A SCAM BUSINESS PROMISING TO HELP THEM RECOVER THE MONEY THEY LOST TO CRYPTO FRAUD.

THE FBI URGES PEOPLE TO BE CAREFUL WHEN INVESTING MONEY.

ESPECIALLY, WHEN THEY HAVE NEVER MET THE PERSON FACE-TO-FACE.

CRYPTO TRANSACTIONS ARE TRACKED ON PUBLIC BLOCKCHAINS.

 BUT LAW ENFORCEMENT OFFICIALS SAY SCAMMERS QUICKLY TRANSFER MONEY OVERSEAS, CREATING LEGAL BARRIERS FOR U-S AUTHORITIES TO RECOUP THE STOLEN FUNDS.

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FOR STRAIGHT ARROW NEWS– I’M JACK AYLMER.