AARP Pennsylvania is elevating its efforts to educate its members and the public about the escalating threats posed by cryptocurrency scams. With the digital currency market expanding, the potential for profit has attracted not only investors but also a concerning increase in fraudulent schemes.
Watch AARP Pennsylvania Fraud Watch Alert about Cryptocurrency Scams on YouTube.
Mary Bach, AARP Pennsylvania Volunteer and Chair of the Consumer Issues Task Force, emphasizes the importance of vigilance. "Cryptocurrency can be exciting and, indeed, profitable. However, the landscape is plagued with investment scams posing as legitimate platforms. These criminals promise substantial returns, but what they're really doing is pilfering the hard-earned funds of unsuspecting investors," said Bach.
Cryptocurrency scams can take various forms, from investment platforms promising unrealistic returns to impersonators of celebrities or investment managers. The Federal Trade Commission (FTC) and the Federal Bureau of Investigation (FBI) have highlighted the significant losses incurred by investors, urging the public to exercise caution.
David Kalinoski, Associate State Director of Outreach for AARP Pennsylvania, advises, "Before making any investment, especially in the volatile crypto market, you must conduct thorough research. Be wary of unsolicited offers and high-pressure tactics, as these are red flags of potential fraud."

Source prnewswire