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Buyer beware: be on the lookout for cryptocurrency scams

ABC24 spoke with Daniel Irwin from the Better Business Bureau of the Mid-South about what consumers need to know about using cryptocurrency.

MEMPHIS, Tenn. — Beware of using cryptocurrency for payments. A new Federal Trade Commission report suggests cryptocurrency is becoming the payment of choice for many scammers.

The FTC said losses to crypto scams in 2021 were almost 60 times that reported in 2018.

ABC24 spoke with Daniel Irwin from the Better Business Bureau of the Mid-South about what consumers need to know about using cryptocurrency.

From the FTC: 

Here are some things to know to steer clear of a crypto con:

  • Only scammers will guarantee profits or big returns. No cryptocurrency investment is ever guaranteed to make money, let alone big money.
  • Nobody legit will require you to buy cryptocurrency. Not to sort out a problem, not to protect your money. That’s a scam.
  • Never mix online dating and investment advice. If a new love interest wants to show you how to invest in crypto, or asks you to send them crypto, that’s a scam.

To learn more about cryptocurrency scams – and how to spot and avoid scams generally – visit ftc.gov/cryptocurrency and ftc.gov/scams. Report scams to the FTC at ReportFraud.ftc.gov.

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