Crypto Urgent Warning to ALL Investors – Don’t Ignore FTC Alerts

The FTC warned this week that a new crypto scam could put people’s investments and bank accounts at risk.

According to the agency, the scam, which it calls “a new spin,” involved a scammer, a QR code, and a trip to a crypto ATM.

The FTC warned of a new crypto scam this week.


The FTC warned of a new crypto scam this week.

Essentially, the scam goes like this: A scammer, who may pose as a government official, law enforcement official, prize promoter, or local utility company official , will call an unsuspecting victim to come.

The scammer will then request some form of payment from the victim’s bank, investment, or retirement account before taking them to a store with a crypto ATM.

Once the victim is there, the scammer directs them to put the money in the ATM and buy cryptocurrency.

The scammer will then send the victim a QR code with their address attached and once the victim buys the cryptocurrency and scans the code, the money is immediately transferred to the scammer.

“Here’s the main thing to know: No one from the government, law enforcement, utility companies, or prize promoters will tell you to pay them in crypto. If someone does, that’s it. It’s a scam,” Cristina Miranda told the FTC’s division of consumer and business education in the states.

The FTC added that any form of communication – be it via Tweet, text, call, email or DM – asking you to pay someone you don’t know in advance for something is a scam Island.

Cryptocurrency red flag

There are some red flags you can watch out for to help keep your crypto investments safe.

First, it’s important to be on the lookout for obvious typographical errors in emails, on social media posts, and in any communication.

Another way is to be wary of promises to double your money or anyone claiming to be a celebrity.

It’s best to avoid signing anything that forces you to hold crypto that you can’t sell.

Protect your cryptocurrency

You can also use digital security tools to help protect your cryptocurrency.

Such tools include a ‘hot wallet’ (where your cryptocurrency is stored online) and a ‘cold wallet’ (a piece of hardware that stores your cryptocurrency offline).

Hot wallets are quite secure but easier to hack; Cold wallets are considered the safest, but if you forget your password, you risk losing access to your cryptocurrency forever.

Cryptocurrency investors can also implement two-factor authentication for whatever platform they use to store their currency, as well as purchase separate insurance policies in the event of theft or theft. hack.

Scammers are using QR codes to gain access to people's cryptocurrency


Scammers are using QR codes to gain access to people’s cryptocurrencyCredit: Getty
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Caroline Bleakley

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