New Crypto Scam Through Cryptocurrency Investment App Fake

The FBI is warning that a new form of crypto scam has emerged that has wreaked havoc on the industry through fake crypto investment apps.

Crypto scam continues to appear in new forms

Crypto winter doesn’t dampen crypto scams either. Fraud patterns are constantly changing and evolving.

The new scam is pretty simple: disguise yourself behind fake apps or fake websites that look completely legitimate. Certified copies of official websites or apps, these copies also use information from reputable companies in the crypto space to mislead users.

“The FBI warns financial institutions and crypto investors against cybercriminals creating fake cryptocurrency investment apps to defraud them. Scammers have directly contacted US investors, claiming to offer legit crypto investment services, and convincing investors to download fraudulent mobile apps.”

Extract from the FBI warning, published on the internet, concerning new crypto scams

To gain the trust of their victims, scammers use a well-known tactic is seduction, they’ve also spread to WhatsApp. Through simple messages in which they pose as women, cybercriminals trick their interlocutors into downloading one of their scam apps. Interested parties were then invited to deposit the cryptocurrency.

According to the FBI, nearly 244 victims were counted with a total of $42.7 million stolen.

Why cryptocurrency scams are always successful?

Scams that abound in the crypto space are nothing new; but they still enjoy the same success. The second is testament to a certain vision of cryptocurrencies: that of profit. Too many users are investing to make money even though the purge is clearly affecting the industry. Scams promising unrealistic profits are still the most common.

How to prevent it? It seems that the crypto sector cannot find a way out. Between allegations about the Ponzi scheme and the projects being canceled due to investor backing, the chances of you becoming a victim yourself are very high.

Public education seems to be the best weapon against very aggressive cybercriminals. However, it is still set aside by most governments. El Salvador, which adopted Bitcoin, missed this crucial factor. However, according to the FBI, the fight cannot be waged without crypto players. As a result, authorities recommend that they carefully monitor reported scams and continue to warn their customers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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