Fears of Cryptocurrency Scam Surge as 2023 Sees Number 4 Ranking


News 8 On Your Side consumer investigator Brian Roche is counting down the top 5 scams of 2023, starting with No. 4: the cryptocurrency scam. Cryptocurrency has become a popular tool for scammers because it makes it impossible to trace the money they take.

Fraudsters often try to take advantage of the cryptocurrency ATMs popping up in convenience stores, gas stations, and other retailers. Impersonating government officials, utility agents or sweepstakes representatives, they will direct people to pay a fee, bill, or handling charge by buying cryptocurrency from these ATMs and sending it to an untraceable digital wallet.

Unfortunately, once you send the money it’s irreversible and there is no way to get it back. According to the Federal Trade Commission: “Nobody from the government, law enforcement, a utility company or contest promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time.”

Even though stricter regulations of cryptocurrency have been discussed in worldwide financial markets in the past year, so far it has only been talk. For this reason, you should always be highly suspicious of anyone asking you to transfer money using cryptocurrency.

Video below: No. 5 scam of 2023

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