You think you are safe from crypto scams ? Fatal error…

© Unsplash/Kanchanara

This is a warning signal that the Federal Bureau of Investigation (FBI) is sounding in a recently published report. The American federal police indicate that investors lost a record amount of $5.6 billion due to cryptocurrency scams in 2023. This means that this form of crime is up 45% compared to 2022.

Beware of “pig butchering”

The US authorities are particularly focusing on so-called “pig butchering” scams, which rely on trust. In short, a malicious actor will seduce a target, and the scheme sometimes takes several weeks or even months. He then invites them to invest in fraudulent cryptocurrency platforms. The trap then closes, and the victim will never see their money again.

As our colleagues at Coindesk rightly note, the people who carry out these scams are sometimes themselves under the control of criminal gangs and have no choice but to carry out these actions.

They thus cite an investigation by the media ProPublica which underlines:

These establishments are holding workers against their will and using intimidation to force them to participate in fraudulent operations. Criminal actors are posting fake job offers on social media and online job sites to target people, mainly in Asia.

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How to avoid the worst?

As you can see, this new information is hardly reassuring, and you must therefore adopt the right reflexes to avoid being fooled. When you have met someone online, try to find out who they are and see if they are leading you on. You can make video calls, even if some cybercriminals go so far as to use deepfakes to trick you. We recently talked about it in this article.

Other facts should alert you, especially if your interlocutor quickly asks you for money or sensitive information. Never accept such requests, because it is the start of a vicious circle that could cost you dearly.

Have you ever heard of or been the target of such scams ? Let us know in the comments.

What to remember :

• Cryptocurrency scams are exploding according to an FBI report
• These scams are based in particular on long-term online seduction games that push you to make a mistake
• You must adopt good practices to avoid being fooled

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