Pennsylvania ranked a top 10 target for cryptocurrency scams

A new report shows scammers are cashing in through cryptocurrency scams, and they’re targeting Pennsylvanians at higher rates than most states.

Local police departments have fielded reports from people who were scammed. Some have put out warnings to help others from falling victim.

Wednesday, the FBI released its first-ever cryptocurrency fraud report, which shows Americans lost more than $5.6 billion in scams connected to cryptocurrency last year.

Pennsylvania ranked among the hardest-hit states. The commonwealth ranked eighth for the number of complaints filed with 1,773. Pennsylvania ranked ninth for the amount of money lost at a whopping $123,530,269.

FBI data shows the most prevalent scams tied to cryptocurrency are investment scams, followed by tech support, personal data breaches, extortion and romance scams.

FBI Pittsburgh said, “The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals and create unique challenges in recovering stolen funds.”

The bureau provided several tips including the following:

• You should confirm calls you receive claiming to be from well-known companies or government agencies are legitimate, hang up and do your research before sending money, verify investment opportunities from strangers or long-lost contacts on social media and pay close attention to website names and addresses.
• Be on the lookout for signs someone is impersonating a legitimate financial institution or government agency.
• Lastly, remember if an investment opportunity sounds too good to be true, it probably is.

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