![]() What Are Crypto Scams?Ĭrypto scams are like any other financial scam, except the scammers are after your crypto assets rather than your cash.Ĭrypto scammers use many of the same tactics employed in other financial crimes, such as pump-and-dump scams that lure investors to purchase an asset with fake claims about its value or outright attempts to steal digital assets. To avoid schemes that prey upon crypto enthusiasts, here’s a guide to common crypto scams. “Retail investors considering crypto investments need to understand the elevated risks and should employ heightened safeguards to help ensure they do not become the next victim,” Cohn says. ![]() And that might be just the tip of the iceberg-there are likely more victims out there who didn’t report their incidents.Īaron Cohn, partner at Weinberg Wheeler Hudgins Gunn & Dial, a law firm focused on financial fraud, says his practice has seen a strong increase in victims seeking help with hacked crypto accounts. The FTC also found that more than 46,000 consumers reported losing more than $1 billion in crypto between Jan. But that’s just one type of scam of many. In fact, crypto romance scammers conned victims out of $139 million last year, according to a 2022 report by the Federal Trade Commission (FTC). Headlines like “Crypto and Romance Scams Continue to Cost Victims Billions” and “A Romance Scammer Took Her Life Savings in Crypto” are becoming commonplace. They even go as far as entering into fake relationships through dating apps like Tinder. Swindlers exploit various schemes to lure victims into fraudulent crypto investments. If you receive a call from 159, or someone posing as a representative from this service- this is a scam.Scam artists know no bounds-that also applies to stealing your cryptocurrency. Important: remember, 159 will never call you. To stop fraudsters monitoring your call history, try and call 159 from a different device you may have communicated on with them. That you’ve been contacted by a fraudster, or approached with a scam.Calling 159 allows you to get in contact with your bank if you’re worried about: ![]() If you are asked to move your money away from your account or feel pressurised into making a payment, STOP! And call 159.ġ59 is a vital tool to help prevent and combat the damage being caused by fraudsters, as well as protect and support the public. But many cases of fraud and scams remain unreported. Fraud is an extremely serious issue and this line is a service offered to help those affected or who are at risk.įinancial fraud in the UK totalled £1.2 billion in 2020, and criminals stole over £355m in the first 6 months of 2021 alone, from individuals and small businesses via fraud pretending to be either a bank or well-known organisation. This line is not for general banking enquiries. Because the sooner you report fraud, the sooner your bank can take the right action for you. Now, when you call the number 159 you’ll be connected to a system which will redirect you to your bank. In an initiative to support people who have fallen victim to a scam, or have been approached by fraudsters with potential scams, we’re supporting the launch of the new phone number, 159. Quickly redirecting you to your bank, so you can report scams and suspected fraudulent activity. Call 159: a new number for reporting scams
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