June 16, 2024 8:39 pm
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National News

Cryptocurrency Scams On The Rise

Ljubljana, Slovenia - may 12 Bitcoin gold cryptocurrency trading chart on smartphone close up.

Fraudsters have been working to convince people to enter into cryptocurrency investments where the fraudsters can steal and disappear into thin air.

These fraudsters have been doing this through social media accounts. Hackers act quickly, changing a person’s email and password, while turning on 2 step verification so the original owner of the account has no way back in. Then, they use that new profile to run a cryptocurrency scheme and make money from a scam.

Data shows that one out of every four Americans detected unauthorized access to an account or device over the past year.

Now, these fraudsters are working to get people to invest in cryptocurrency like Bitcoin and succeeding.

Best methods of prevention result from securing social media accounts and verifying websites before entering them. Experts say to avoid using the same email and password combination for multiple accounts across the web.

Consumer protection experts have cited using even more advanced measures when dealing with cryptocurrency.