FBI Warns Victims Are Losing Millions Through Fake Crypto Investment Apps
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FBI Warns Victims Are Losing Millions Through Fake Crypto Investment Apps

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4 months ago

A new alert suggests that at least 244 victims have been identified, and total losses currently stand at $42.7 million.

FBI Warns Victims Are Losing Millions Through Fake Crypto Investment Apps

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The FBI has issued a new warning that cybercriminals are duping American investors out of millions of dollars through fraudulent crypto investment apps.

A new alert suggests that at least 244 victims have been identified, and total losses currently stand at $42.7 million.

These suspicious apps often use the names and logos of legitimate financial companies — and they encourage victims to deposit crypto into a wallet.

When they try to withdraw these funds, they're told that taxes must be paid before the money can be released.

However, those who went on to pay those taxes — effectively throwing good money after bad — still had difficulties getting their savings back.

The FBI claims cybercriminals are seeking "to take advantage of the increased interest in mobile banking and cryptocurrency investing."

Businesses are being urged to warn their customers about this activity, and perform regular checks to ensure logos aren't being used without consent online.

Meanwhile, customers have been told to be wary of unsolicited requests to download investment apps — especially if it comes from someone they don't know.

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