Is a cryptocurrency investment account a scam?

If you log in to your “investment account,” you won’t be able to withdraw your money at all, or only if you pay high fees. A scammer pretends to be a celebrity who can multiply any cryptocurrency you send them. But celebrities aren’t contacting you through social media. It’s a scammer.

Are scammers demanding payment in cryptocurrency?

Scammers are using some tried and true scam tactics — only now they’re demanding payment in cryptocurrency. Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers. But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics.

Are scammers taking advantage of younger people's cryptocurrency investments?

But here’s the thing: scammers are taking advantage of people’s understanding (or not) of cryptocurrency investments, and how they work. And younger people are losing big. In fact, the FTC’s new data spotlight shows that, since October 2020, nearly 7,000 people reported losses to bogus cryptocurrency investments, adding up to more than $80 million.

What are crypto phishing scams?

Crypto phishing scams are much the same as faked emails, SMS texts from an unknown number, or any other irritating con attempt. They are depressingly common. Reports of people gaining great riches from cryptocurrency naturally pull other investors in.