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Livermore PD Tip of the Month: Defend Yourself Against Cryptocurrency Scams

Livermore PD Tip of the Month: Defend Yourself Against Cryptocurrency Scams

Coins on a surface with the word "CRYPTOCURRENCY" and related terms.

Cryptocurrency/Bitcoin scams all share the common goal of deceiving individuals into parting with their hard-earned money or sensitive information. According to a recent report by the Better Business Bureau, about 80 percent of Americans targeted in crypto and investment scams last year lost money, with a median dollar loss of $3,800.

Scammers often employ tactics such as:

  • Fake Investment Opportunities: Scammers may promise high returns on Bitcoin investments, luring victims with the prospect of quick and easy profits. However, these investments are often fraudulent schemes designed to steal funds.
  • Phishing Attempts: Fraudsters send out phishing emails or messages posing as legitimate entities, such as banks or cryptocurrency exchanges. These messages typically contain links to fake websites where victims are tricked into providing their personal information or login credentials.
  • Impersonation Scams: Scammers impersonate reputable figures or organizations on social media platforms, claiming to offer giveaways or investment opportunities. They may use fake profiles or hacked accounts to gain credibility and deceive unsuspecting victims.

Tips for identifying scams:

  • No legitimate business is going to demand you send cryptocurrency instead of cash or other legitimate means of payment.
  • Don’t trust people who promise you can quickly and easily make money in crypto markets.
  • Scammers will often tell you to drive to the nearest Bitcoin ATM with a sense of urgency: This takes away your ability to critically assess the situation, speak with loved ones, or question the scammer.
  • Scammers target victims on online dating sites and exploit members by offering investment advice.
To safeguard against cryptocurrency scams, verify information, secure your accounts, educate yourself, and report suspected scams.

If you are a victim of a cryptocurrency scam, please contact Livermore Police Department, or you can file complaints with organizations such as the Federal Trade Commission (FTC) or the Internet Crime Complaint Center (IC3).


If you have questions about this month's tip, please contact the Livermore Police Department at 925-373-4900. 

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