September 28, 2021
Business

How to spot cryptocurrency Bitcoin scams trying to steal your money

AS Bitcoin and other cryptocurrencies rise in popularity, so too have crypto-related scam operations and phishing attempts.

While the growth of Bitcoin has skyrocketed in some bank accounts, it’s also fueled the growth of crypto-related fraud operations.

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Victims reported $80million in losses to Bitcoin scams since October 2020Credit: Getty

The FTC reported that since October of 2020, nearly 7,000 people have reported losses of more than $80million in the US due to cryptocurrency scams.

That number is around 12 times, or 1,000 percent more than reported losses from the period a year earlier.

Here are some of the red flags that may signal a Bitcoin scam so you can protect your crypto wallet.

POSING AS AN AGENCY OR BUSINESS

As noted by Inverse, Many phishing scams will attempt to impersonate a government agency or business to get your attention.

Some reports to the FTC said victims…

Read full article here: www.the-sun.com