Reports show scammers cashing in on crypto craze

How it works

Scammers contact you on social media with fake investment opportunities promising quick, easy returns. They may show you fake websites or apps that display growing account balances and even allow small test withdrawals to build trust. Once you invest more, you discover the money is gone and requests for additional crypto (for supposed fees) mean you never get anything back. Romance scammers also use crypto, building relationships before steering victims toward fake crypto investments. Government impersonators send alarming texts or pop-ups claiming fraud or security threats, then tell you to move money to crypto for protection by scanning a QR code at an ATM, which sends your cash to the scammer's wallet.

Red flags to watch for

• Promises of guaranteed big returns or easy money in short timeframes
• You must buy or send cryptocurrency to fix a problem or protect money
• New online romantic interest offers crypto investment tips or asks for crypto
• Fake websites or apps show your growing balance but withdrawals are blocked until you pay fees
• Text or pop-up from Amazon, Microsoft, or government agency directing you to crypto ATM
• QR code at ATM scans to an unknown wallet address

What to do

Do not send money or crypto to anyone who contacts you unsolicited about investments or urges fast action. Hang up calls claiming to be from banks or government agencies and call the legitimate organization directly using a number from their official website. Never mix dating relationships with cryptocurrency or investment advice. If a romantic interest pushes crypto, it is a scam. Report suspected crypto scams to the FTC at ReportFraud.ftc.gov and to your state attorney general.