AARP Pennsylvania calls on all citizens to be vigilant against cryptocurrency scams in 2023.
Fraud involving crypto as payment in crypto investment schemes and other schemes surged in 2022, according to an AARP release, according to the Federal Trade Commission. Reported losses he exceeded $1 billion.
Last year, the evergreen online romance scam turned into a cryptocurrency “investment opportunity,” starting on platforms like Facebook, Instagram, and LinkedIn, in addition to dating sites and apps. Targets can watch their assets gain value as they continue to invest more money. Only the cryptocurrency exchanges they are on are fake. When they try to cash out, they are told they will have to pay an excessive fee and will not be able to get their money back.
In “crypto-as-payment” schemes, criminals convince targets that urgent matters require prompt payment and lure them to a nearby crypto ATM machine that converts cash into electronic currency. . These losses are virtually irreversible.
said David Kalinoski, Associate Director of Community Outreach for AARP Pennsylvania. “Scammers are getting smarter and their tactics are more technical than ever. We need tools to stop their tracks. If we can find scams, we can stop scams.”
The best way to avoid these scams is actually all scams and to know about them to avoid getting involved. Anyone who pressures you to pay in crypto to deal with urgent or time-sensitive issues is a criminal.
AARP’s Fraud Watch Network is an additional online tool that allows anyone to get information, find support, and speak up in the fight against fraudsters. The Fraud Watch Network can be accessed at www.aarp.org/fraudwatchnetwork.
Report fraud to local law enforcement. For AARP assistance, call 1-877-908-3360 or visit the AARP Fraud Watch Network (www.aarp.org/fraudwatchnetwork).
AARP is the largest nonprofit, nonpartisan organization in the United States dedicated to empowering people over the age of 50 to make choices about how they live as they age. With a national presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial security, and personal fulfillment. AARP also publishes AARP The Magazine and AARP Bulletin, the largest circulation publications in the country. For more information, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol, @AARPadvocates and @AliadosAdelante on social media.