AARP Pennsylvania is urging all state residents to be vigilant about cryptocurrency scams in 2023.
According to the Federal Trade Commission, fraud involving cryptocurrency investment schemes and cryptocurrencies as payment in other schemes skyrocketed in 2022, according to a release from the AARP. Reported losses exceeded $1 billion.
Over the past year, the evergreen online romance scam has turned into cryptocurrency “investment opportunities,” starting with platforms like Facebook, Instagram and LinkedIn as well as dating sites and apps. The target may see their assets gain in value as they continue to invest more money; only the cryptocurrency exchange they are on is fake. When they try to cash out, they are told they have to pay excessive fees and not get their money back.
In “crypto-as-payment” schemes, criminals convince targets that some urgent matter requires a quick payment and direct them to a nearby crypto ATM that converts cash into electronic currency. These losses are practically irrecoverable.
“AARP Pennsylvania is committed to ensuring that our members know the ins and outs of these scams so they can best avoid them,” said David Kalinoski, AARP Pennsylvania associate director of community outreach. “Swindlers are getting smarter and their tactics are more technical than ever. We must have the tools to stop them in their tracks. AARP encourages all Pennsylvanians to fight fraud. If you can spot a scam, you can stop a scam.
The best way to avoid these scams, really any scams, is to learn about them to avoid committing. Seek guidance from a financial advisor on investing, and anyone who pushes you to pay with cryptocurrencies to deal with an urgent or urgent matter is a criminal.
AARP’s Fraud Watch Network is an additional online tool that allows anyone to stay informed, find support, and have a say in the fight against fraudsters. The Fraud Watch Network can be accessed at www.aarp.org/fraudwatchnetwork.
Report scams to local law enforcement. For assistance from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.
AARP is the nation’s largest non-profit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and supports what matters most to families: health security, financial stability, and personal fulfillment. AARP also produces the nation’s largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol, @AARPadvocates, and @AliadosAdelante on social media.
