The LGBTQIA+ community has been identified as a target of cryptocurrency fraud, according to a recent warning from the Federal Trade Commission. Phishing, text messages, phone calls, social media, and dating apps are all ways that scammers can pose as victims. The Massachusetts government warned on Monday, citing a previous warning from the Federal Trade Commission (FTC), that scammers may be using June’s recognition of Pride Month to target the LGBTQIA+ population. Scammers Develop New Relationships With Targets Fraudsters may get in touch with their victim by pretending to be a friend, lover, or family member, and request money for a financial emergency or debt. Requests to deal with unusual payment methods, such as bitcoin, are a warning sign that something might not be right. To help you identify a cryptocurrency fraud, the Office of Consumer Affairs and Business Regulation put together a list of indicators. Such a scam would demand payment in cryptocurrency, which is a “red signal.” Therefore, you need to watch out for red flags like friend requests on social media from brand-new or inactive profiles, speedy matches on dating apps but refusals to meet up in person. According to research released by the FTC at the beginning of this month, from January 2021 to March of this year, customers lost more than $1 billion as a result of fraud related to cryptocurrencies. Along with phony investment schemes and impersonation frauds...
