The FBI has launched Operation Level Up to combat the rise in online cryptocurrency scams.
LITTLE ROCK, Ark. — Over the last few years, cryptocurrency has gained popularity with everyday consumers, but it has also gained popularity with scammers.
To combat the increasing number of scams, the FBI launched Operation Level Up last year.
“Cryptocurrency investment fraud is the largest and most prevalent and most costly scam that’s going on that the FBI is tracking right now,” FBI Supervisory Special Agent Peyton Tucker said.
The popularity led to people investing in the new form of currency.
“Cryptocurrency being prevalent and what a lot of people are looking to invest in right now, that’s where we see it. And anytime there is a new rise, a new investment, that’s what we’re tracking, and this one has risen exponentially over the last few years,” Tucker said.
The scam works when a scammer reaches out to someone online and builds a relationship with them. Eventually, they could ask that person to invest in crypto.
“We see it across all social media, all online websites,” Tucker said.
When a person invests in what they think is cryptocurrency from someone they met online, the fortune they thought they were getting might have different outcomes.
“The victims want to get their money out. They think they’ve made a profit, and they haven’t, and eventually they’re not able to get any of their money,” Tucker said.
According to the FBI, 76 percent of over 4,300 victims across the United States that were contacted were not aware that they were being scammed.
During Operation Level Up, the FBI has saved victims more than 285 million dollars. The operation contacts those who could be vulnerable to scammers.
“[We] let them know that they are the victim of a scam, and prevent any more money, or any money at all going toward going to the criminals,” Tucker said.
The FBI shared some tips to avoid being scammed:
- Avoid releasing any personal information.
- Do not invest solely from the advice of someone you met online.
- Do not download or use any unfamiliar apps or links sent be someone online.
- Do not pay any additional fees or taxes to withdraw money.
- Do not pay for services that claim to be able to recover lost funds.
If a scammer does reach out to you online, the FBI says to report it either by calling 1-800-CALL-FBI or file a claim at ic3.gov.
