"IF" is the largest 2-letter word in the English language. Americans report losing over $1 billion to cryptocurrency scams
Consumers are advised to look out for red flags that point to such scams, including:
- anyone who claims they can guarantee profits or significant returns by investing in cryptocurrency;
- people who require you to buy or pay in cryptocurrency; and
- a love interest who wants to show you how to invest in cryptocurrency or send them cryptocurrency.
People want to get in on The Next Big Thing™. In the 1990s that led to the Dot Com bubble. In 2005 you were guaranteed to make money in Real Estate. Today it is Cryptocurrency and NFTs.
You can make money in cryptocurrency. And you could make money in the stock market in the 1990s, even in Tech Stocks. And you could make money in Real Estate. But none of those things were, or are, guaranteed. If you invested blindly in dot com stocks in 1995 or 1998 you probably lost big. If you followed the crowd into Real Estate, unless you got out early, you likely took a bath. Which brings us to today.
Cryptocurrency owners are advised to enable multi-factor authentication (MFA) on all cryptocurrency accounts, deny any requests to download and use remote access apps, and always contact exchanges and payment companies using official email addresses and phone numbers.
Yeah, good luck with that.
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