Freedom plus loans scams how to#

They will typically threaten to make the information public, but with the promise of keeping your information private if you do what they want. The Federal Trade Commission (FTC) says some scammers will claim they have embarrassing personal information, including your own photos or videos, to lure you into a trap. The most common types of crypto scams perpetrated right now include the following: Blackmail and extortion scams For that reason, many crypto scams involve some type of impersonation, along with a selection of carefully crafted lies that are often tailored based on the victim they're targeting. Scammers are incredibly creative when it comes to luring you into a trap or getting you to share your personal information.

Freedom plus loans scams how to#

Read on to get an overview of the most common crypto scams authorities are seeing right now, plus how to spot them early. If you are interested in investing in crypto or you have digital assets already, you'll want to know how the most common types of crypto scams work, how to spot them and what you can do if you become a victim. With these details in mind, it's easy to see why the industry is ripe for fraud.

Also note that there's no bank or other centralized authority to flag suspicious crypto transactions, and that all crypto transfers are irreversible. And since cryptocurrency payments do not come with any legal protections or government assurances, crypto scams are especially attractive for thieves. The fact is, consumers tend to know very little when it comes to how digital currency works or how to keep their digital assets safe. According to the Federal Trade Commission (FTC), more than 46,000 people reported losing over $1 billion in crypto to various scams from January 2021 through June of 2022, and that figure only includes people who willingly shared this information with authorities.

The number of financial scams for consumers to avoid was already nearly endless, but this figure exploded when digital currency - also called cryptocurrency - became mainstream.