Users of WhatsApp, Facebook and Instagram are being warned of new crypto scams that are rampaging on these social media platforms causing immense losses to users.
A new study has revealed that cryptocurrency scams have cost victims almost £800million in total since the start of 2021, with the average sum stolen being nearly £2,000.
According to express.co.uk, the most common type of scam is cryptocurrency investment hoax where cybercriminals cheat consumers with hoax crypto investment schemes.
Instagram is the most targeted app followed by Facebook and WhatsApp, According to the US Federal Trade Commission. It is reported that between 2021 and 2022, more than 46,000 people were victims of cryptocurrency scams.
According to the US FTC, “Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto ‘investments’ go straight to a scammer’s wallet. People report that investment websites and apps let them track the growth of their crypto, but it’s all fake.”
US FTC officials have advised people not to fall for these crypto scams. You shouldn’t believe anyone who’s claiming to be making profits through crypto. You’re also advised to protect your money and not invest in sketchy investment schemes.