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Cryptocurrency is rising in popularity driving record investments and scam losses – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-06-03 06:47:48 –

COLORADO SPRINGS —Have you heard of cryptocurrencies? Some people believe that online currencies like Bitcoin will be the currency of the future. As more people come to believe in its value, they invest in it and make money. News5 is learning as cryptocurrencies grow in popularity, and so does the number of scams.

Cybercriminals have found a way to leak people’s crypto accounts in just a few seconds, and there is no easy way for victims to recover their funds.

The Federal Trade Commission states that since October 2020, cryptocurrency investment fraud has hurt more than $ 80 million for Americans. 44% of victims are between the ages of 20 and 39.

The Vidovic family has learned the devastating consequences of the annihilation of cryptocurrencies. They didn’t know their assets were at stake until someone leaked nearly $ 170,000 of cryptocoins from their online accounts.

Criminals used what was called a “SIM swap” to hack Vidovics’ Coinbase account. Someone contacted Tanja’s mobile operator and impersonated her to electronically transfer a SIM card containing her photos, contacts and apps to her new phone. Allow scammers to access your Coinbase account using two-factor authentication.

“I’ve run out of money I was looking forward to after retirement. I’m probably running out of two and a half years of salary,” said Tanja Bidovic. “They were able to make these changes and instantly transfer all their money to their wallet through this app.”

Former federal agent and cybersecurity expert Gus Dimitreros said cryptocurrency theft is one of the fastest growing cybercrimes.

“There is no FDIC in the world of cryptocurrencies. You are yourself. It’s still wild, the western part of the wild,” said Dimitreros. “Someone can steal your money without any means. You can’t make a phone call because there is no fraud department. If law enforcement can help you, what they can do is These transactions probably only go back to foreign countries. “

Dr. Eric Huffman works in the Pikes Peak region, studying the role of the dark web and cryptocurrencies. Cryptocurrency fraud investigations continue, but unlike banks and credit card companies, crypto exchanges do not have the proper policies to deal with fraudulent transactions. Dr. Huffman says the criminals who steal this digital money are getting rich.

“You can pay someone with cryptocurrencies, but IRs can’t reach out to know where they are going,” said Dr. Huffman. “They’re just making a tremendous amount of money, and it’s growing because the cryptocurrencies it’s growing are now significantly more valuable than the cryptocurrencies five years ago. Because there is. “

Lawyers and private detectives are trying to save victims of this type of crypto crime, but at this time, telephone companies and crypto exchanges rarely provide financial support to victims.

If you would like to report cryptocurrency scams, ask scam experts, or learn more about these scams and how they work, please visit the next section of the FTC website. https://www.ftc.gov/news-events/blogs/data-spotlight/2021/05/cryptocurrency-buzz-drives-record-investment-scam-losses



Cryptocurrency is rising in popularity driving record investments and scam losses Source link Cryptocurrency is rising in popularity driving record investments and scam losses

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