Arizona Attorney General issues warning about Bitcoin and cryptocurrency scams

PHOENIX — Arizona Attorney General Kris Mayes issued another warning about cryptocurrency scams on Monday.

Mayes said vulnerable individuals, including senior citizens, are at a higher risk of being targeted by scammers.

“Scammers are taking advantage of the lack of familiarity on how cryptocurrency works to scam Arizonans out of their hard-earned money,” Mayes said in a press release. “My office is committed to ensuring that all Arizonans are informed and protected against these emerging threats. I urge Arizonans to be vigilant and to report any suspicious activity to our office immediately.”

What are some different types of scams to watch out for?

Investment scams:

An example of an investment scam that Mayes provided would be when an individual is randomly contacted by someone on social media or a dating app pretending to be an investment manager. The scammer will offer to help you invest your money in cryptocurrency, but actually transfer the money you send into their account.

Business, government or job impersonator scams:

Another type of scam to be on the lookout for is a business, government or job impersonator scam. The scammer will disguise themselves as a government official or a business that you owe money to. This type of scammer will act like someone you trust to try and get you to send cryptocurrency to them.

Blackmail scams:

Blackmail scammers are another type of scammer Mayes warned about. This type of scammer will claim they have personal information about you or sensitive content that they will release unless you send them cryptocurrency.

What are some helpful tips to avoid being scammed?

The Arizona Attorney General’s Office offers six steps to avoid being scammed.

Verify information:

You can do this by independently contacting the organization that is contacting you.

Be skeptical:

You can do this by using your best judgement and not answering random phone calls.

Only scammers demand payment in cryptocurrency:

No real business will ask you to send them cryptocurrency.

Secure your personal information:

Don’t provide personal information such as your social security number, bank account details, or passwords while on the phone with unknown individuals.

Consult trusted individuals:

Talk to someone you trust before making major financial decisions.

Report suspicious activity:

Report the scam to law enforcement.

What should you do if you think you are being targeted by a blackmail scam?

If you think you are being targeted by a blackmail scam, you should report the scam immediately. You can file a consumer complaint online and you can also call the Attorney General’s Office in Phoenix at (602) 542-5763.

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