Tech Tuesday: Building a digital defense against crypto investment fraud | News

Tech Tuesday: Building a digital defense against crypto investment fraud |  News

How to protect yourself:  In a third scenario, the investor is running a Ponzi scheme. You get regular reports of incredibly high returns and increasing wealth. You might even get a partial payout occasionally, but there are always more requests for additional loans or investments. There are often promises of payments in a few weeks or months, but in the end, you end up losing almost everything.  Do your research. Look for reputable sources to explain what cryptocurrency is, how to buy it, how to trade it, and how to use it. 

You see the value of cryptocurrencies going up and decide you want to invest, but don’t know how. You find a “trader” online who offers to exchange your cash for whatever brand of crypto you want to buy. He says you just need to pay a commission. When you see the value go up, you try to withdraw the funds… but your “trader” demands a new out-of-pocket commission or just quits responding to you all together.  In recent months, we’ve had more people report to us that they are losing anywhere from hundreds to hundreds of thousands of dollars in investment scams. Here are some scenarios: 

In another scenario, someone approaches you posing as a currency investor. He says he will help you get started – but instead of transferring your initial investment into a legitimate trading account, he sends you the link to his own digital wallet. You basically just transferred your money into his personal account. He demands an even bigger payment if you want to ever see your initial “investment” back.  Your browser does not support the audio element.

Source www.tillamookheadlightherald.com If you believe are a victim of an online scam, you should report the incident to the FBI’s Internet Crime Complaint Center at www.ic3.gov or call your FBI local office.  

Of importance, you need to understand that if you lose funds through a cryptocurrency investment scam, it will be difficult – if not impossible – to recover your funds.   Don’t respond to unsolicited offers or click on links you may receive through email, texts, or social media. 

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