{"id":1578,"date":"2022-02-01T12:24:35","date_gmt":"2022-02-01T12:24:35","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=1578"},"modified":"2022-02-01T12:24:36","modified_gmt":"2022-02-01T12:24:36","slug":"us-federal-trade-commission-warns-about-cryptocurrency-scams-using-social-media","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1578","title":{"rendered":"US Federal Trade Commission Warns About Cryptocurrency Scams Using Social Media"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency investment scams. \u201cSocial media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments \u2014 an area that has seen a massive surge in reports,\u201d said the FTC.<br \/><\/strong><\/p>\n<h2>Federal Trade Commission Warns of Crypto Scams Utilizing Social Media<\/h2>\n<p>The U.S. Federal Trade Commission (FTC) published a \u201cConsumer Protection Data Spotlight\u201d last week, warning the public about scams, including crypto investment scams, utilizing social media.<\/p>\n<p>The FTC is an independent agency of the U.S. government whose principal mission is the enforcement of civil U.S. antitrust law and the promotion of consumer protection.<\/p>\n<p>\u201cMore than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021,\u201d FTC\u2019s program analyst Emma Fletcher wrote. \u201cThose losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteenfold increase over 2017 reported losses.\u201d She added:<\/p>\n<p>Reports make clear that social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments \u2014 an area that has seen a massive surge in reports.<\/p>\n<p>\u201cMore than half of people who reported losses to investment scams in 2021 said the scam started on social media,\u201d the FTC analyst continued. \u201cReports to the FTC show scammers use social media platforms to promote bogus investment opportunities, and even to connect with people directly as supposed friends to encourage them to invest. People send money, often cryptocurrency, on promises of huge returns, but end up empty handed.\u201d<\/p>\n<p>The FTC proceeded to give some advice on how to stay safe on social media. One is to limit who can see your posts and information on social media. The agency said that you can also opt out of targeted advertising. Another piece of advice is to check out the company you are about to buy from by searching online whether its name has been associated with a scam or a complaint.<\/p>\n<p>In addition, \u201cIf you get a message from a friend about an opportunity or an urgent need for money, call them. Their account may have been hacked \u2013 especially if they ask you to pay by cryptocurrency, gift card, or wire transfer. That\u2019s how scammers ask you to pay,\u201d the FTC wrote.<\/p>\n<p>Earlier this month, the FTC warned about cryptocurrency scams involving ATMs.<\/p>\n<p>According to blockchain analytics firm Chainalysis, scammers raked in a record $14 billion in cryptocurrency in 2021, largely due to the rise of decentralized finance (defi) platforms. Losses from crypto-related crime rose 79% from a year earlier, driven by a spike in theft and scams, the firm said.<\/p>\n<p><em><strong>What do you think about cryptocurrency investment scams using social media? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-federal-trade-commission-warns-cryptocurrency-scams-social-media\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency investment scams. \u201cSocial media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments \u2014 an area that has seen a massive surge in reports,\u201d said the FTC. Federal Trade Commission Warns of Crypto Scams Utilizing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1578"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1578\/revisions"}],"predecessor-version":[{"id":1580,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1578\/revisions\/1580"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1579"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}