Florida’s Government Issues Warning About Scammers Demanding Crypto Payments For Auto Warranties

In a warning, the Florida Department of Agriculture and Consumer Services (FDACS) shared information on how to spot robocall scams that promote auto warranties and ask victims to pay using gift cards and cryptocurrency.

The Enforcement Bureau issued an order requiring phone carriers to stop carrying robocall traffic in response to consumer complaints about the rising number of robocall scams, in which con artists utilize prerecorded calls to advertise and sell fraudulent services.

Regardless of the methods used by scammers to contact potential victims, the FDACS newsletter highlighted five red flags that indicate scams.

Stressing on some of the go-to payment methods often being recommended by the scammers, the announcement read:

“Payment Type: If you are asked to pay with a gift card or cryptocurrency, it’s a scam.”

FDACS urged Florida to abstain from sending cryptocurrency payments

The FDACS urged Florida to abstain from sending cryptocurrency payments and emphasized that no official from the government would request personal information like a person’s Social Security or credit card numbers, noting that “Only scammers will require one of those kinds of payments, and once you send the money, you probably won’t get it back.”

Although the newsletter highlighted how difficult it would be to find stolen cryptocurrency funds, many businesses, including Velodrome and Curve Finance, have been able to do so because of the immutable properties of blockchain technology.

A well-known cryptocurrency critic, US congressman Brad Sherman, stated on September 5 that it was no longer possible to ban cryptocurrencies due to the industry’s rapid development.

Political donations and cryptocurrency lobbying, according to Sherman, make it hard to outright ban cryptocurrencies, and he added:

“We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.”

Sherman is one of the majority of lawmakers who favors tough regulation measures for cryptocurrencies.

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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