(AP Photo/Kin Cheung, File)
EYEWITNESS NEWS (WBRE/WYOU) — AARP Pennsylvania is raising awareness about rising threats posed by cryptocurrency scams, as the digital currency market grows, the profit potential has not only attracted investors but also a concerning increase in fraudulent schemes.
“Cryptocurrency can be exciting and, indeed, profitable. However, the landscape is plagued with investment scams posing as legitimate platforms. These criminals promise substantial returns, but what they’re really doing is pilfering the hard-earned funds of unsuspecting investors,” said Mary Bach, AARP Pennsylvania Volunteer and Chair of the Consumer Issues Task Force.
Cryptocurrency scams can take many different forms, from investment platforms promising unrealistic returns to impersonators of celebrities or investment managers.
The Federal Trade Commission (FTC) and the Federal Bureau of Investigation (FBI) have highlighted losses incurred by investors, urging the public to exercise caution.
“Before making any investment, especially in the volatile crypto market, you must conduct thorough research. Be wary of unsolicited offers and high-pressure tactics, as these are red flags of potential fraud,” advised David Kalinoski, Associate State Director of Outreach for AARP Pennsylvania.
AARP Pennsylvania is providing resources and information to help the community stay informed about the risks associated with cryptocurrency investments. Through education and awareness, the organization aims to protect individuals from falling prey to these increasingly sophisticated scams.
For more information from AARP, call 1-877-908-3360 or visit the AARP Pennsylvania Fraud Resource Page.
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