Wednesday, September 28, 2022
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FTC issues warning against social media based crypto scams

The Federal Trade Commission (FTC) of the United States has issued a warning regarding cryptocurrency investment scams using social media. According to FTC investment frauds, social media is a tool for scammers, particularly those involving fake cryptocurrency investments.

The Federal Trade Commission (FTC) issued a “Consumer Protection Data Spotlight,” alerting the audience about social media-based frauds, including crypto investment schemes.

The Federal Trade Commission (FTC) is a federal body with the primary aim of enforcing civil antitrust laws and promoting consumer protection.

FTC program analyst Emma Fletcher said “more than 95,000 consumers reported USD 770 million in damages due to fraud perpetrated on social media platforms”. FTC report says, scammers utilize social media sites to offer investment possibilities. They engage with consumers directly and convince them to invest.

 FTC has offered some tips:

  • Restrict who may view your social media postings and information.
  • Look up the firm you’re about to buy from online to see if its name has been linked to a fraud or a complaint.

According to blockchain analytics firm Chainalysis, scammers generated a record USD 14 billion in cryptocurrency in 2021. The organization also added that losses increased by 79 percent year over year.

I believe we should heed FTC’s advice. So, what are your thoughts on the subject? Please leave a comment.

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