How to be safe when dealing with cryptocurrency

Reporter: Andryanna Sheppard
Bitcoin (CREDIT: WINK News)

A new wave of currency comes with risk.

Cryptocurrency is extremely popular right now, causing crooks to tap into a new market.

As bitcoin, dogecoin and ethereum rise in popularity, so do the online rip-offs.

And people simply not knowing what cryptocurrency is, seems to be a huge benefit for con artists, costing amateur investors a lot of money.

People between the ages of 20 and 49 were more than five times more likely to be conned than older age groups with a median loss of $1,900.

The Federal Trade Commission reports Americans have lost more than $80 million to crypto cons since October.

One type of scheme offers investment tips online that redirect people to phony sites.

In another, the bad guy poses as celebrities, like Tesla boss Elon Musk and tricks you into sending them cryptocurrency by promising that the celebrity will contribute to their investment.

The FTC warns guaranteed returns are always fake.

So are promises of free money.

And be extremely wary of anyone asking you to send a wire transfer or a gift card.

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