Scammers initiate contact through social media or messaging apps, building a relationship with the victim. They then introduce a seemingly lucrative cryptocurrency investment opportunity, guiding the victim through setting up an account and depositing funds. Initially, small withdrawals may be allowed to build trust, but eventually, all funds are lost.
Who Is Targeted
Individuals, particularly those over 60, but also younger people, who are targeted through social media and messaging apps and are looking for investment opportunities.
Red Flags — Warning Signs
Unsolicited contact and relationship building on social media
Promises of guaranteed high investment returns
Pressure to invest more money
Difficulty or inability to withdraw funds
Requests for personal or financial information for investment purposes
How to Protect Yourself
Be wary of unsolicited investment offers, especially those promising high returns
Never share personal or financial information with unknown individuals online
Independently research any investment opportunity and consult with a trusted financial advisor before investing
Be skeptical of platforms that seem too good to be true
Phrases Scammers Use
“I have a great investment opportunity”“You can make a lot of money”“Let me help you set up your account”
Video: Real Example of This Scam
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