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Oklahomans targeted in cryptocurrency scams

By: Pete Knutson

Posted at 6:41 PM, Feb 28, 2024

and last updated 2024-02-29 09:55:37-05

TULSA, Okla. — The Federal Trade Commission warns cryptocurrency scams are running rampant across the country.

The FTC said victims lost a billion dollars last year alone. The old-school way to steal your money was through gift cards.

While that's still the case in some instances, more and more schemes use cryptocurrency to rip you off.

Nancy was a victim of this scam and contacted the Problem Solvers for help.

"I don't know what cryptocurrency is, but a gentleman called and said I should use it to protect my retirement funds. He said new federal rules were targeting retirement accounts, and I could protect my money by withdrawing it from my bank and depositing it at an ATM that specializes in cryptocurrency," Nancy said.

Situations like that are almost always a scam, according to experts.

Beware of "investment managers" who call out of the blue. They may offer to protect retirement or promise to grow money quickly and risk-free, but only if using cryptocurrency.

Scammers may promise free money and make big claims without details or explanations.

Be careful if a celebrity supposedly contacts you through social media, saying they can multiply any cryptocurrency you send them.
No legitimate business or company will demand payment in cryptocurrency. Warnings said that form of currency should not be used to pay someone to repair your computer or remove a virus.
Also, don't fall victim to a romance scam where a supposed love interest wants you to send money or cryptocurrency to help you invest or pay for their travel to you.

Sharon Lewis, with the Oklahoma Bankers Association, warns that scams target large amounts of money.
"For whatever the story, whatever the reason, these consumers are losing their life savings, and once you put cash in a cryptocurrency ATM, the chance of ever getting those funds back is literally zero. We just want to educate the public," said Lewis.

Before investing or using crypto, search online for the name of the company or person and the cryptocurrency name. Try to use specific words like review, scam or complaint.

That way, the FTC said you can see what others are saying. That could save you a lot of money, even your entire life savings.