- Forex Trading And Investment Fraud Prevention: Las Vegas Attorney Guidance
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Forex Trading And Investment Fraud Prevention: Las Vegas Attorney Guidance
Confused about cryptocurrencies like Bitcoin or Ether (related to Ethereum)? you are not alone Before you use or invest in cryptocurrency, learn how it differs from cash and other payment methods and how to spot cryptocurrency scams or cryptocurrency accounts that may be compromised.
Cryptocurrencies: Bait For Investment Scams
Cryptocurrency is a form of digital currency that usually exists only in electronic form. You usually use your phone, computer or a cryptocurrency ATM to buy cryptocurrency. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrencies and new ones are being created.
People use cryptocurrencies for many reasons — for faster payments, to avoid transaction fees charged by traditional banks, or because they offer some anonymity. Others hold cryptocurrency as an investment, hoping it will increase in value.
You can buy cryptocurrency through an exchange, app, website or cryptocurrency ATM. Some people earn cryptocurrency through a complex process called “mining,” which requires advanced computer equipment to solve highly complex math puzzles.
Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. A digital wallet contains a wallet address, which is usually a long string of numbers and letters. If something happens to your wallet or your cryptocurrency fund — such as your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose your digital wallet password, or your digital wallet is stolen or compromised — you are your It is possible to realize that no one can step in to help recover the funds.
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There are many ways that paying with cryptocurrency differs from credit cards or other traditional payment methods.
Scammers are always looking for new ways to steal your money using cryptocurrency. To get rid of crypto con, here are some things to know.
Spot crypto-related scams Scammers are using some tried-and-true scam tactics — only now they’re demanding payment in cryptocurrency. Investment scams are one of the main ways fraudsters buy cryptocurrency and send it to scammers. But scammers are also targeting businesses, government agencies and love interests, among other tactics.
Investment Scams Investment scams often promise that you can “make a lot of money” with “zero risk” and often start with social media or online dating apps or sites. These scams, of course, can also start with an unexpected text, email, or call. And, with investment scams, crypto is central in two ways: it can be both an investment and a payment.
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Before you invest in crypto, search online for the name of the company or person and the name of the cryptocurrency, as well as words like “review,” “scam,” or “complaint.” See what others are saying. And read more about other common investment scams.
Business, Government, and Job Impersonation In a business, government, or job impersonation scam, a scammer pretends to be someone you trust to convince you to buy and send cryptocurrency.
Social media is full of scammers promising guaranteed returns on investment, and consumers lost $3.8 billion in the US alone last year, the FTC said.
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Social media is full of scammers promising guaranteed returns on investment, and consumers have lost billions of dollars to them in the past year.
Troy Gochenor, 50, of Columbus, Ohio, was duped out of $15,800 of the $25,800 he borrowed in a crypto-mining scam that began with a WhatsApp message from a beautiful stranger.
“After trying to make it in show business in New York, I had just gone home to start my life over and I was alone,” Gochenor said. “So I started online dating. Then I got a WhatsApp message saying, ‘Sorry to bother you’.
Financial scams, including cryptocurrency schemes, last year only in the U.S. It cost consumers $3.8 billion in 2021, according to the Federal Trade Commission, more than double that in 2021. Such scams are also a problem globally.
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Those who work in the space, including the FTC and the Better Business Bureau, say the speed and convenience of the Internet, the rise of online payment platforms and apps, and the spread of financial misinformation are all contributing to the rise. They also cite isolation and loneliness in the era of the pandemic.
I was driving when I got a call from a mysterious number. The crying boy begged me for help. But it wasn’t my child – it was a scam.
In Gochenour’s case, he texted for weeks with someone he was romantically interested in before she brought up “Liquidity Mining.”
Although he was a crypto skeptic, he started following her advice and suggestions. Scammers like Gochenor have become adept at setting up sites that look like legitimate cryptocurrency companies, and Gochenor was arrested. After he set up the crypto wallet, the money he transferred there appeared to be growing just as his scammer had told him. .
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“I was hooked on this guy,” he said. “And at first it looked like it was working. She said, ‘You and I can be together and make all this money.’
Then one day, when he transferred $5,000 of his own money into the wallet, he woke up to check the balance and the money was gone. When he looked at the website his scammer had directed him to try to figure out what happened, he saw a “contract.” He contacted the scammer about it, and she told him to contact “customer service,” who told him to deposit another $10,000 to get all his money and bonuses back.
Even though each time money was transferred, Gochenour continued to add money to his wallet until he felt like he had $200,000 coming his way.
When he was told he would have to pay $35,000 in taxes up front to access $200,000, Gochenor knew it was a scam. By then, he had taken out nearly $16,000 in personal loans. He now works with the Global Anti-Scam Organization to investigate similar scams and help educate others.
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Sen. A new report released by Elizabeth Warren shows that more scammers are taking advantage of Zelle users and that banks are often not compensating customers for their losses.
Most will seem quick, easy, and low-or no-risk. Many include real estate, cryptocurrency, financial coaching or gold. Typically, the company uses words like “proven” and “guaranteed” with testimonials from people, often paid actors, who have benefited greatly.
“Watch those ads,” said Melanie McGovern, director of public relations for the International Assn. of the Better Business Bureau. “And know your friends. If you get a message from someone’s account, especially someone you haven’t heard from in a while, contact them on a different platform. Because someone might be cheating on them.” (Spoofing is a term used when a hacker disguises himself as a credible source.)
The offers also come with time pressure: “Make money fast!” “Once in a lifetime offer, gone tomorrow!” Or elaborate steps that require pouring more money at each step. A scammer usually paints a picture of what life will be like when you’re rich. But no one can guarantee returns and anyone who promises risk-free investment is a fraud.
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First, take the time to research the offer. Scammers want to rush you, so slow down. Search online for the company name and words like “review,” “scam,” or “complaint.”
Second, run the information through a friend or counselor. Chances are someone you know might get a similar offer because scams often target specific communities, the FTC said.
Third, don’t accept any unsolicited offers. If you get an out-of-the-blue call, text, or e-mail about an “amazing investment opportunity,” it’s a scam.
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Scammers will exaggerate the importance of current events, follow the headlines and link their pitch to the news. By sharing opportunities that are exciting, innovative, and timely, they hope to meet targets without fully researching the offer.
“Delete, hang up and walk away,” advises the FTC. “Especially if they want you to invest money from your 401(k).”
A tell-tale sign of a crypto con is when the scammer asks you to send money in advance for whatever reason, the FTC warns. A fraudster will often claim
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