In a growing trend of cryptocurrency fraud, the FBI has issued a stark warning to residents of Maryland, emphasizing the increasing losses incurred due to crypto scams. As of the first eight months of 2024, over 482 Maryland residents have collectively lost $54.5 million to fraudulent crypto schemes, according to the FBI. This figure is already nearing the total losses reported in 2023, where 668 individuals were scammed out of $69.1 million.
The FBI cautions that victims range across various age groups, from young adults in their 20s and 30s to older individuals. "Bottom line: never trust someone you haven’t met who claims to be an expert and can help you make money through a can’t-miss investment opportunity,” said FBI Baltimore Special Agent in Charge William J. DelBagno. The impact of these scams has been emotionally and financially devastating for victims, and the FBI is urging people to remain vigilant.
Crypto scams have become more sophisticated, often using online platforms and social media to lure victims into investing in fraudulent opportunities. To protect the public, the FBI has outlined several tips to avoid falling prey to crypto fraud:
Avoid trusting advice from strangers online
Don’t invest based on recommendations from people you meet solely through the internet. Verify any information or opportunities that seem too good to be true.
Verify the legitimacy of investment opportunities
Ensure any investment or cryptocurrency-related offer comes from a reputable source. Be wary of suspicious domain names and misspelled URLs, as scammers often use fraudulent websites that mimic real financial institutions.
Watch out for fake apps
Do not download or use unverified apps for investments. Research their legitimacy first.
If it sounds too good to be true, it probably is
Promises of guaranteed high returns with little to no risk should raise red flags.
Do not pay additional fees to withdraw your money
If you’ve already invested and suspect a scam, do not send more money for “withdrawal fees.”
Don’t trust claims of recovery services
Scammers may attempt to convince victims to pay for services that promise to recover lost funds, but these are often fraudulent as well.
If you or someone you know has fallen victim to a cryptocurrency scam, it is crucial to act quickly. The FBI encourages individuals to report their cases to the Internet Crime Complaint Center (ic3.gov), providing as much detail as possible, including transaction amounts, dates, times, and wallet addresses.
The FBI's proactive stance reflects the growing threat of cryptocurrency fraud, particularly in states like Maryland. As digital currencies gain popularity, scams targeting unsuspecting individuals have evolved, making it more critical than ever for the public to be informed and cautious.
