Attorney General Kris Mayes is again warning Arizonans to be on high alert for cryptocurrency scams targeting vulnerable individuals, particularly senior citizens.
“Scammers are taking advantage of the lack of familiarity on how cryptocurrency works to scam Arizonans out of their hard-earned money,” said Attorney General Mayes. “My office is committed to ensuring that all Arizonans are informed and protected against these emerging threats. I urge Arizonans to be vigilant and to report any suspicious activity to our office immediately.”
Scammers are always finding new ways to steal your money using cryptocurrency. Some common scams to watch out for:
Investment scams:
Scammers may contact you out of the blue on social media pretending to be an investment manager. The scammer may also pose as a love interest on a dating app who wants to help you invest your money. These scammers will promise a high-rate of return with “zero-risk” as long as you buy cryptocurrency such as Bitcoin and transfer it to the scammer’s account.
Business, government or job impersonator scams:
In a business, government, or job impersonator scam, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency. They may claim to have seen fraud on your accounts and that your money is at risk and to fix it you’ll need to buy cryptocurrency and send it to them. They might also say there’s a legal problem, that you owe money, or your accounts or benefits are frozen as part of an investigation. They tell you to solve the problem or protect your money by buying cryptocurrency. These are red flags that indicate a scam.
Blackmail scams:
Scammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you. Then, they threaten to make it public unless you pay them in cryptocurrency. Don’t do it. This is blackmail and a criminal extortion attempt. Report it to law enforcement immediately.
Tips to Avoid Falling Victim to Scams:
Verify Information: Before taking any actions, hang up, and independently verify the legitimacy of the caller by directly contacting the organization they claim to represent. Never use the contact details they provide — call whoever they claim to represent directly. Scammers can mask numbers making it appear that a legitimate company or organization is calling you.
Be Skeptical: Always be skeptical of unsolicited calls, especially those asking for immediate action involving financial transactions. A government agency will never ask you to remove money from your accounts to send via bitcoin, wire transfer or gift cards.
Only Scammers Demand Payment in Cryptocurrency: No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.
Secure Your Personal Information: Never share personal information like your social security number, bank account details, or passwords over the phone with unknown callers or give anyone real-time access to your computer. Never click on a link from an unexpected text, email, or social media message, even if it seems to come from a company you know.
Consult Trusted Individuals: Always consult with a trusted family member or friend before making any substantial financial decisions, especially those involving digital currencies like bitcoin.
Report Suspicious Activity: If something feels off, it probably is. Report the call to local law enforcement and file a complaint with the Arizona Attorney General’s Office.
If you believe you or someone you know has been the victim of fraud file a consumer complaint by visiting azag.gov/consumer. If you believe you have been the victim of identity theft, get help from the Federal Trade Commission (FTC) by visiting identitytheft.gov or by calling 877-438-4338.
