Missouri's $55 Million Cryptocurrency Fraud Crisis: What You Need to Know

Missouri's Cryptocurrency Fraud: A Shocking Report

In 2023, an annual FBI report on cryptocurrency fraud revealed that it was the busiest year yet for this emerging technology. The report highlighted that over 69,000 complaints were filed, resulting in a staggering $5.6 billion in losses reported to the FBI’s Internet Crime Complaint Center.

Missouri's Heavy Losses

Missouri alone suffered a loss of $55,022,745 due to 838 scams. The data shows that the most common targets of these scams were individuals over the age of 60, with those aged 50-59 following closely behind.

Types of Cryptocurrency Fraud

Cryptocurrency fraud manifests in various forms, primarily:

• Investment fraud
• Breaches of personal data
• Tech support fraud
• Confidence schemes

Expert Recommendations

J. Scott Christianson, Director of the University of Missouri’s Center for Entrepreneurship and Innovation, warns consumers to be suspicious of payment demands that seem urgent or time-sensitive, especially if they involve digital currency. He emphasizes that no legitimate business or government entity will ask for such payments in this manner.

FBI's Advice to Avoid Scams

The FBI offers several tips to help consumers avoid falling victim to cryptocurrency scams:

• Criminals thrive on urgency and isolation.
• If you receive an unsolicited call from someone claiming to represent a well-known company, hang up and verify independently.
• No legitimate authority will demand payment through a cryptocurrency kiosk.
• Never disclose personal information without verifying the identity of the requester.
• Always validate investment opportunities offered by unknown contacts on social media, especially if you haven’t met them in person.
• Be cautious of websites that mimic legitimate financial institutions.
• Avoid downloading suspicious apps for investing unless their legitimacy is confirmed.
• If an investment opportunity seems too good to be true, it probably is.
• Remember that investment involves risk; seek advice from a licensed financial adviser if uncertain.

Stay informed and vigilant to protect yourself from potential scams in the evolving landscape of cryptocurrency.