Officials give details regarding recent increase in cryptocurrency scams

ST. JOSEPH, Mo. (KQTV) -- Cryptocurrency scams are on the rise due to advances in technology.

Crypto scams are a type of scam where people try to steal money or digital currency. Scammers typically use cryptocurrency because it’s more difficult to track.

Crypto scams have increased by 900% since the start of the pandemic, according to the FTC.

Missouri State Highway Patrol Sgt. Bradley Germann said ‘Romance Scams’ are the most common cryptocurrency scams, especially with Valentine’s Day approaching. 

“A lot of times, scammers will target individuals that have had a recent loss, or they lost a spouse, a loved one,” he said. “They will contact them on utilizing dating websites and befriend them, trust them and groom them. Unfortunately, they usually request money, and if someone is groomed well enough, they will feel comfortable sending that money via cryptocurrency.”

Other common cryptocurrency scams are speed camera scams and warrant scams.

Sgt. Germann said scammers will usually ask for fines to be paid by cryptocurrency, gift cards and wire transfers.

“Which are all areas or ways that legitimate entities or law enforcement companies do not offer as far as payment goes,” he said.

Sgt. Germann said anybody is at risk when it comes to cryptocurrency scams.

“If you access the internet, if you have a cell phone, scammers target anybody in any anybody willing to send money,” he said. “I tell everyone that the more you are educated on the subject, the more you are aware of different scams.”

Scammers can make first contact with their victims in various ways, especially over text, using chat rooms, social media or dating sites.

"Anything technology-related, emails, texting, conversing any way they can to contact any potential victim they can," said Sgt. Germann. "They make you feel rushed. You should never feel rushed in sending money to somebody.”

Common signs of cryptocurrency scams include requests for payment through cryptocurrency, gift cards, wire transfers or Bitcoin ATMs, instructions to keep the transaction secret, and unsolicited requests for personal or financial information.

Sgt. Germann said anyone who has been scammed should notify authorities.

“There are several ways of doing that. Two of those ways (are) P3tips.com or chainabuse.com. The sooner you report it, the more likely recover your funds,” he said.

Sgt. Germann said being educated on cryptocurrency scams is important to protect yourself and your loved ones.

“Knowing what these schemes look like. Being aware of them, and if in doubt, don’t send that money. Just communicating, communicating with your financial advisor before you send any money to someone you don’t know,” he said.

To report suspected criminal activity, St. Joseph residents can contact local law enforcement agencies like MSHP, the St. Joseph Police Department or the Buchanan County Sheriff's Office.