Users of "WhatsApp," "Facebook," and "Instagram" have been warned about the risks and spread of cryptocurrency-related scams targeting applications owned by Meta. A new study revealed that since the beginning of 2021, cryptocurrency scams have cost victims a total of £800 million, with more than £2,000 stolen from each victim. Many of these scams begin on the three main platforms exploited by criminals. "Instagram" is the most targeted app for scams (32%), followed by "Facebook" (26%) and "WhatsApp" (nine percent). These statistics come from the Federal Trade Commission (FTC) in the U.S., which stated that between the start of 2021 and the end of March 2022, more than 46,000 people fell victim to cryptocurrency scams.
The most common type of scam was the cryptocurrency investment scheme, with victims losing £459 million after being deceived by fake investment opportunities. "Bitcoin" is by far the currency that scammers target the most, with 70% of victims paying with it. Discussing the danger of cryptocurrency scams, the FTC stated: "Investment scammers claim they can quickly and easily get massive returns for investors. But these cryptocurrency investments go directly to the scammer's wallet. Individuals have reported that investment websites and applications allow them to track the growth of their cryptocurrencies, but all of it is fake. Some people reported conducting a small 'test' withdrawal — just enough to convince them it’s safe to dive into everything. When they truly attempt to cash out, they're asked to send more cryptocurrency for (fake) fees, and they don't do it to recover any of their money."
Unfortunately, one extremely costly scam for individuals is romance scams, where scammers prey on people’s desire for love to extort money from them. The average amount stolen from individuals through these scams is nearly £8,000. The FTC advised:
- Scammers will only guarantee large profits or returns. There is absolutely no guarantee that cryptocurrency investments will make money, let alone a significant amount.
- No legitimate person will ask you to buy cryptocurrency. Not to resolve a problem, not to protect your money. That's a scam.
- Never confuse dating advice with online investment. If someone interested in love shows you how to invest in cryptocurrency or asks you to send cryptocurrency, that’s a scam.
