CISA alerts crypto investors to rising impersonation scams

The Cybersecurity and Infrastructure Security Agency (CISA) has issued a warning about the increasing number of impersonation scams targeting crypto investors. These scams frequently use the names and titles of government employees to deceive victims.

Also Read: Investment fraud epidemic: Crypto scams dominate U.S. losses

The alert , released on June 12, states that CISA staff will never ask for money wiring, cash, cryptocurrency, or gift cards. The surge in these scams calls for heightened awareness and skepticism when dealing with unsolicited requests involving money or personal information.

Impersonation scams go rampant in crypto

“If you suspect you are a target of an impersonation scammer claiming to be a CISA employee, do not pay the caller,” the CISA advises. Instead, take note of the phone number calling you, hang up immediately, and validate the contact by calling CISA directly at (844) SAY-CISA (844-729-2472). Reporting the scam to law enforcement is also strongly recommended.

Impersonation scams are becoming more frequent and sophisticated. Scammers often use official-sounding titles and names to trick people into believing they are legitimate government employees. These fraudsters will request victims to wire money, send cash, transfer cryptocurrency, or buy gift cards.

CISA reiterates that they will never make such requests or ask you to keep the conversation secret. These scammers employ various tactics to manipulate their targets. They might create a sense of urgency or fear to pressure victims into complying. They may also use official-looking emails, phone numbers, and other details to appear credible.

Romance scams get popular

Just five days ago, the United States Federal Trade Commission (FTC) warned about romance scams involving cryptocurrencies. The FTC advised consumers to cut off contact with online love interests who may be trying to steal their funds under the guise of crypto investing.

These scammers often take their time to build a relationship with their victims before making their move. They create emotional connections, making it easier for the victims to trust them. Once trust is established, they claim to be cryptocurrency experts and offer to help with investments.

Also Read: Vitalik Buterin Cautions Community Against Crypto Scams

The FTC stated that romance scammers are highly skilled at what they do. They have already stolen millions of dollars from unsuspecting victims. The FTC wrote, “They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You might think they have your financial well-being in mind, but they don’t. They only care about their own financial well-being.”

The FTC highlighted several warning signs to help identify a romance scammer. These signs include promises of large profits, guarantees of no risk, offers to teach investment secrets, and requests for money. The FTC reminds consumers that no one can guarantee profits in any investment, and all investments carry risks, including those in the crypto markets.

Cryptopolitan reporting by Jai Hamid