The Central Texas FBI office is warning residents to look out for a familiar internet scam with a modern twist.
While fraudsters have been trying to bilk people out of their money for as long as cash has been around, the schemes have grown more sophisticated over time. According to the FBI, today’s scammers will work for as long as it takes to build trust online and only later pounce on their victims with promises of easy money.
In one trend, perpetrators are requiring people to make payments via hard-to-trace cryptocurrencies.
Here’s what to know
According to KXAN, Americans nationwide have lost more than $11 billion to cyber investment scams.
In Central Texas, the FBI has seen “massive growth” in such schemes, the special agent in charge of the local field office said.
Though the basic scam has been around for years, the agent warned, the execution has grown more and more complex. The FBI official said the con frequently begins on social media or dating sites, with the investment pitch held back until the scammer has earned the target’s trust.
In some cases, victims have been directed to websites run by the scammers themselves, where fabricated account dashboards display dramatic returns that are not real.
The combination of emotional manipulation and high-tech digital tools can make these schemes hard to recognize until money has already disappeared.
More background
Crypto is not inherently fraudulent, and the technology has legitimate uses, including in digital payments and for other helpful financial innovations. At the same time, the industry has attracted bad actors because fast-moving markets, technical language, and unfamiliar payment methods can make it easy to confuse consumers.
There are also concerns surrounding the crypto sector that go beyond scams. Some crypto mining operations have drawn criticism for their heavy energy use, which can generate pollution and lead to higher electricity costs.
What can be done?
The most practical defense is to be skeptical of any investment pitch that begins with an unsolicited message or a quickly developing online relationship. If someone you have never met steers the conversation toward crypto, that is a major red flag.
It is also wise to slow down before sending money through unfamiliar platforms, especially if someone is pressuring you to act quickly or is promising unusually high returns. Promises of easy wealth are among the most common hallmarks of get-rich-quick fraud.
People can protect themselves by independently verifying any platform, talking through the investment with a financial professional, and refusing to transfer funds simply because an online contact insists it is safe.
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