HARRISONBURG, Va. (WHSV) – Just lately, the Federal Commerce Fee launched a report exhibiting because the starting of 2021, greater than 46,000 individuals have reported dropping greater than a billion {dollars} from scams involving cryptocurrency.

“If anyone is asking you for fee in cryptocurrency, you need to run the opposite approach. If someone reaches out to you on social media, as a buddy, and says they’ve an incredible alternative for you and have made this a lot cash you simply must pay them, give them this sum of money – run the opposite approach,” Julie Wheeler defined.

Wheeler is the president and CEO of the Higher Enterprise Bureau serving Western Virginia. She says cryptocurrency is a nonmonetary approach of doing transactions.

“Sadly the usage of cryptocurrency has drastically broadened and expanded because the rip-off artists have realized that it’s a approach they are saying they’re conducting their gross sales or purchases,” Wheeler defined. “They do it beneath the radar,” Wheeler stated.

The FTC reports that $575 million have been misplaced in investment-related cryptocurrency scams.

Another methods individuals might change into victims of the schemes are by way of romance scams, and enterprise or authorities imposters. Wheeler says you should make sure all of the information earlier than utilizing it.

“You actually need to [use] unbiased information sources, be certain that it isn’t advertorial. Don’t make investments something you can’t afford to lose,” she added.

Wheeler says these within the 25-40 age group have been most affected. To learn extra about cryptocurrency scams, click here.

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