Arizona Attorney General warns public of cryptocurrency scams

By J. Rosalye Luna

PHOENIX, AZ— Arizona Attorney General Kris Mayes issued a renewed warning to residents about the rising threat of cryptocurrency scams. Scams such as these are increasingly targeting vulnerable populations, particularly senior citizens.

“Scammers are exploiting Arizonans’ unfamiliarity with how cryptocurrency works to steal their hard-earned money,” said Attorney General Mayes. She affirmed that her office is dedicated to ensuring that all Arizonans are informed and protected against these emerging threats. Mayes urges the public to stay vigilant and report any suspicious activity immediately.

Common Cryptocurrency Scams:

• Investment Scams: Scammers pose as investment managers or love interests on social media or dating apps, promising high returns with “zero-risk” if victims purchase cryptocurrency, like Bitcoin, and transfer it to the scammer’s account.
• Business, Government, or Job Impersonation Scams: Scammers impersonate trusted entities, claiming there is fraud on your accounts or that you owe money. They pressure victims to buy cryptocurrency and send it to them as a way to “fix” the issue. This is always a red flag for a scam.
• Blackmail Scams: Scammers may threaten to release compromising information or photos unless victims pay them in cryptocurrency. This is extortion and should be reported to law enforcement immediately.

Tips to Avoid Falling Victim to Scams:

• Verify Information: Independently verify the legitimacy of any unsolicited calls by contacting the organization directly, using contact information you find on your own.
• Be Skeptical: Always be cautious of calls asking for immediate financial action, especially those involving cryptocurrency. Legitimate entities will never ask for payment in digital currencies.
• Secure Your Personal Information: Never share sensitive personal information over the phone or give anyone real-time access to your computer. Be wary of unexpected texts, emails, or messages from known companies.
• Consult Trusted Individuals: Before making any major financial decisions, especially involving cryptocurrency, consult with a trusted family member or friend.
• Report Suspicious Activity: If something feels wrong, report it to local law enforcement and file a complaint with the Arizona Attorney General’s Office.

If you believe you or someone you know has fallen victim to fraud, file a consumer complaint by visiting www.azag.gov/consumer. You can also contact the Attorney General’s Office in Phoenix at (602) 542-5763, in Tucson at (520) 628-6648. If you are outside the Phoenix and Tucson metro areas call (800) 352-8431.

For those who believe they have been the victim of identity theft, assistance is available through the Federal Trade Commission (FTC) at www.identitytheft.gov or by calling (877)-438-4338. Further information on cryptocurrency scams can be found on the FTC’s website.