Cryptocurrency Scams

If you have any questions about a scam or potential scam that involves cryptocurrency, call AARP ElderWatch to speak with a trained specialist who can help

Digital forms of currency like Bitcoin have been in the news recently. For those who are unfamiliar, cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system, rather than by a centralized authority. Many consumers are curious about cryptocurrency as a form of payment and as an investment. Scammers have recognized this trend and pounced on the opportunity to take advantage of consumers. The Federal Trade Commission has indicated that since the start of 2021 over $1 billion dollars has been reported lost as a part of cryptocurrency-related scams. The following are two important trends of note to help avoid cryptocurrency scams:

• Avoid unsolicited contacts from “crypto experts” who claim to have made a lot of money on a cryptocurrency investment. The scammers often approach people on social media and other open platforms to convince victims they can become rich on a crypto investment. These are commonly tied to romance scams.
• Consider a request for payment using cryptocurrency a “red flag” of a scam. As a part of many common scams now, the scammer is requesting payment via crypto. It is uncommon for actual government agencies, tech support companies or other businesses to request payment via cryptocurrency. If someone you don’t know tells you to deposit cash in a crypto ATM machine for any reason, it is a scam.

If you have any questions about a scam or potential scam that involves cryptocurrency, call AARP ElderWatch to speak with a trained specialist who can help. Please call 800-222-4444 or in the Denver Metro Area, please call 303-222-4444. You may also visit AARP Elderwatch online.