Fraudsters are using fake mobile apps to scam cryptocurrency investors out of millions, according to a new FBI report. Here’s how to protect your money.
More than 46,000 people have lost over $1 billion to crypto scams since the beginning of 2021, according to the Federal Trade Commission's Consumer Protection Data Spotlight.
Cryptocurrency is emerging as a common method for scammers to steal people's money for a few key reasons, the report reveals. There isn't a bank or other centralized authority to flag suspicious transactions made with cryptocurrency. And crypto transfers can't be reversed, meaning that once your money is gone, it's gone for good.
Make sure that an app is legitimate before downloading it, too, and confirm that the company behind the app actually exists and offers cryptocurrency services, the FBI adds. And treat apps with broken or limited functionality with skepticism.
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