The price of a single bitcoin, for example, recentlyeclipsed $100,000for the first time.
TAX SOFTWARE DEALS OF THE WEEK
Crypto is notoriously volatile.
But there’s another dangerous side of the crypto boom: theresurgence of crypto scams.
Crypto presents a golden opportunity for scammers.
Top cryptocurrency scams to watch out for
The potential high payoff of crypto attracts droves of scammers.
In 2023, crypto scams cost victims $5.6 billion,according to the FBI.
These are some examples of common crypto scams.
Crypto phishing scams take on many forms.
Percoco added that investors should be wary of high-pressure tactics.
“Scammers know that if you ultimately do nothing, they lose.
Take your time and research opportunities carefully.”
If no website exists or the project’s creators are anonymous, it could signal high risk.
The scammer might tell you that you better pay a fine or that a bill is past due.
To avoid legal action, the scammer instructs you to use a bitcoin ATM to send them funds.
Legitimate entities willneverask for payments via bitcoin ATMs.
You should ignore such requests entirely.
What if I fall for a cryptocurrency scam?
If you fall for a cryptocurrency scam, it’s unlikely that you’ll get your money back.
Part of what makes these swindles attractive to cybercriminals is that cryptocurrency transactions are irreversible.
Social engineering tactics often extract sensitive details, which can lead toidentity theftand broader financial fraud.
Experts suggest only investing what you’re comfortable losing.
Always take your time when making any financial decisions.
