If you feel tempted to invest in cryptocurrency, beware of scammers.
New data from the Federal Trade Commission shows crypto is an easy way for con artists to steal your hard-earned money.
Since the start of last year, more than 46,000 people have reported crypto scams.
In total, these criminals have stolen more than a billion dollars
The FTC says most crypto is lost to investment scams.
This is when scammers persuade you to “invest” your money in a cryptocurrency, promising you’ll make more in a short amount of time.
Sometimes these scams start with a romance scam.
It’s when con artists pretend to be a potential love interest before talking you into investing in fake crypto.
The other two most common scams are business imposters and government imposters.
To steer clear of crypto-cons, keep these three tips in mind:
- Know that only scammers guarantee big payouts or fast, easy money. These lies get you to “invest” — but you won’t get any of your money back.
- Don’t mix online dating and investment advice. If a new online love interest wants to show you how to invest in crypto, it’s a scam.
- Spot the scammers asking you to send crypto. Real companies and government agencies will never tell you to buy cryptocurrency to sort out a problem or protect your money.