Crypto is the new frenzy for both investors and scammers. Be wary of social media advertisements that promote cryptocurrency investment and promise a guaranteed return. A regulated and reputable provider would never make this promise. If you’re unsure of the validity of a cryptocurrency company, contact the company using the information listed on the organization’s website.
This type of scam capitalized on the excitement surrounding cryptocurrency, and it has yielded significant financial losses. Thousands of people have lost a cumulative $1 billion in crypto, a six-fold increase from 2018.
How to protect yourself:
- Be wary of any individual or company that only takes cryptocurrency as a form of payment.
- Always keep your personal and banking information and digital wallet safe. Don’t share your details with anyone.
- Don’t feel pressured or rushed into investing your money. Do some research to see if what you’re investing in is legitimate. Learn about your options and ask questions.