Consumer Alert
Did someone insist you pay them with cryptocurrency?
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What’s one of the best ways to spot a scam? Know how scammers tell you to pay. Scammers want you to pay them in ways that are hard to trace and hard to get your money back: like through a gift card, wire transfer, payment app, or cryptocurrency. Here, we’ll focus on that last one — cryptocurrency — and how to avoid cryptocurrency-related scams.
Let’s start at the beginning: cryptocurrency is digital currency you get through an app on your phone, a website, or at a cryptocurrency ATM. Bitcoin and Ether are some of the most well-known, but there are lots of others. Scammers like to use cryptocurrencies because they don’t have the same legal protections as credit or debit cards, and payments usually can’t be reversed.
So, what do scams that involve cryptocurrency typically look like? Scammers may call, pretend to be from a government agency and say you need to pay a fine — using cryptocurrency. Or they may pose as an online love interest who needs you to send money for an expensive medical procedure — using cryptocurrency. Or the scammer may offer you a job, but say you need to pay a fee before you get hired — using, you guessed it, cryptocurrency.
To avoid these and other scams, know that:
- Only scammers demand payment in cryptocurrency. No legitimate business or government agency is going to demand you pay with cryptocurrency — not to buy something, pay taxes or fines, and not to “protect” your money. That’s always a scam.
- Never pay a fee to get a job. If someone asks you to pay upfront for a job — with cryptocurrency or any other type of payment — or says to buy cryptocurrency to get a job, it’s a scam.
- Never mix cryptocurrency and online dating. If you meet someone through online dating who asks you to send them cryptocurrency or wants to “help” you invest in crypto, that’s a scam.
Spot a cryptocurrency scam? Report it to the FTC: ReportFraud.ftc.gov.
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The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas, and concerns are welcome, and we encourage comments. But keep in mind, this is a moderated blog. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. We expect commenters to treat each other and the blog writers with respect.
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August 29, 2023
Yes this has happened to me and now trying to get my funds back has been a nightmare !! It started by someone showing you how to invest online. I reported my case to the FTC here and nobody has tried to help or contact me .
August 29, 2023
I payed cripto currency $600 for a deposit for apartment application I never received no receipt and the second was $100 for medical expenses, but I was understanding late that all this was scam
August 31, 2023
I have been told that i will get paid for online job and has to recharge for negative num with cryptocurrency i have lost 19000 in this. i have reported to FTC but nothing yet. Its a trauma for me.
September 18, 2023
In reply to I have been told that i will… by Jamila
Was it for writing product reviews for commissions and you get “lucky” packages that make your account negative, so you have to put your own money in and you can’t withdraw your money until all 38 tasks are done?
September 19, 2023
In reply to I have been told that i will… by Jamila
I just found out that I have been scam the same way. I am a single mom with limited income because I am disabled. How do I start to try to get my money back? I know that it is probably going to be a nightmare and there is a chance that I will never get my money back. I just need advice on where to start the process to report.
September 19, 2023
In reply to I just found out that I have… by Cory
Cryptocurrency payments typically are not reversible. Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction. Ask them to reverse the transaction, if possible.
Read more about cryptocurrency at www.ftc.gov/cryptocurrency. Report scams to the FTC at www.ReportFraud.ftc.gov.
September 15, 2023
Just want to warn people if you get a Texas number and it’s from a Terrence Lucas it’s a scam.
September 26, 2023
To all the people that got scammed recently/in the past, (including myself, of course) It's a lesson learned for sure and majority of us I'm sure that it always cost something, 95% is straight your hard-earned work money that is required for the lesson to be learned...it is what it is and only thing we could do most of the time is to warn friends&family about the high risk(s) of it or the story of how you gotten scammed....🤦♂️😔😞 (forreal it sucks *ss, lowkey)
-Jim
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