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It promises to be investment that makes you rich. Now scammers are taking note and using it to take millions from victims.<\/p>\n
SAINT LOUIS, Mo. \u2014 From conferences across the country to Bitcoin ATM\u2019s in St. Louis, the interest in cryptocurrency is soaring.<\/p>\n<\/p><\/div>\n
It\u2019s an electronic form of money you can buy, that grows in value and, theoretically if the value goes up, will make you richer.<\/p>\n<\/p><\/div>\n
Buying and selling cryptocurrency is completely legal. But now scammers are trying to steal it and they\u2019re quickly becoming successful.<\/p>\n<\/p><\/div>\n
\u201cScams are always adapt, they\u2019re like viruses. They mutate, they adapt, they find stuff that works,\u201d said Steve Baker, an international investigator with the Better Business Bureau. \u201cThen they expand in those nations and they have really found cryptocurrency.\u201d<\/p>\n<\/p><\/div>\n
Baker said so many people have fallen for cryptocurrency scams \u2013 it\u2019s become their second-largest type of fraud reported. Victims lost $750 million nationwide last year alone, most of those victims were between the ages of 25 and 44.<\/p>\n<\/p><\/div>\n
\u201cLike all frauds\u2026 they gain your trust,\u201d Baker said. \u201cCon man is short for confidence-man. What they do is gain your confidence.\u201d<\/p>\n<\/p><\/div>\n
The schemes are familiar: romance scams promising love, or lottery scams telling you won and collect your winnings after a cryptocurrency payment.<\/p>\n<\/p><\/div>\n
Scammers are even pretending to be investment companies, using highly complex websites to convince you they\u2019re authentic. They\u2019ll send a victim a QR code to scan and send them cryptocurrency, which you\u2019ll never see again.<\/p>\n<\/p><\/div>\n
\u201cPut in $20 or $50 bills and then the crooks send you a QR codes from your phone,\u201d Baker said. \u201cYou just scan it on the screen and gives it the address the Bitcoin is going to go to. And your money\u2019s gone and you have no idea where in the world it just went to.\u201d<\/p>\n<\/p><\/div>\n
Their best advice is to verify who\u2019s requesting or proposing a crypto-investment and be wary of unsolicited emails or phone calls.<\/p>\n<\/p><\/div>\n
\u201cYou don\u2019t know what country it went to or where in the world it is,\u201d he said. \u201cIt\u2019s very hard to get your money back. In fact, it\u2019s about impossible to get your money back.\u201d<\/p>\n<\/p><\/div>\n
Cyrptocurrency doesn\u2019t have fraud protections like typical credit or debit cards, which means it\u2019s nearly impossible to trace. It\u2019s even more difficult to do so than wire transfers.<\/p>\n<\/p><\/div>\n
Meaning once your cryptocurrency is gone, it\u2019s not coming back.<\/p>\n<\/p><\/div>\n