Ohio state agencies are warning people about cryptocurrency scams. They say these scams increasingly target older adults.
Some thieves establish a romantic relationship with potential victims, then ask for money. Others impersonate the government and threaten arrests if payments are not made. And some scammers pretend to be relatives who are in trouble and need money.
Cryptocurrency is a form of digital or virtual money. It operates like physical money and can be used for payments or to send and receive funds. Two of the most popular forms of cryptocurrency are Bitcoin and Ethereum.
The Federal Trade Commission says everyone should be cautious and not open suspicious text, email, or social media messages. No legitimate business is going to demand you send cryptocurrency in advance of a purchase or to protect your money.
The FTC also advises people to research a company or person before using them to invest in cryptocurrency.
Anyone who is a victim of a crypto scam should report it to the Ohio Attorney General’s office.