How to Report Crypto Frauds and Scams to the FBI

As we see an increase in the numbers of individuals seeking investment opportunities in cryptocurrency, scams and fraudulent schemes targeting them are also on the rise. From fake exchanges to misleading investment opportunities, countless individuals have fallen victim to these malicious acts. Reporting cryptocurrency scams to the Federal Bureau of Investigation (FBI) is an effective way to fight back and pursue a resolution.

According to information from the FBI’s website, cryptocurrency investment fraud ranks among the most widespread and detrimental types of fraud. The Shib Daily previously reported that Americans have lost approximately $5.6 billion to cryptocurrency scams in 2023, making up nearly 50% of the overall financial losses recorded. This statistic emphasizes the inherent risks stemming from a lack of awareness and the susceptibility of individuals to scammers in the crypto environment.

The FBI encourages those who are suspecting a looming threat or have fallen victim to crypto scams to file a report with the Internet Crime Complaint Center (IC3), the bureau’s central hub for reporting cybercrime.

Those who suspect that they might be targeted by crypto fraudsters can report the incident via the IC3 website or get in touch with their local FBI Field Office, providing as much transaction information as possible. The bureau also advises caution against anyone offering to recover lost or stolen funds, as this could be another scam by malicious actors charging fees for their illegal services.

Filing a Complaint

To begin, first go to www.ic3.gov and click on the “FILE A COMPLAINT” tab, which can be found on the navigation menu at the topmost part of the website.

When reporting a cryptocurrency-related incident, the most crucial information to share would be the transaction details. These include the cryptocurrency addresses, the amount and type of cryptocurrency involved, the date and time of the transaction, and the transaction ID (hash). These identifiers are unique and consist of strings of random letters and numbers, so it is important to make sure the information being entered is accurate.

Further information you may need to share include details about how and where you first came into contact with the scammer, along with records of your correspondence with them, such as emails or texts, and relevant identifiers like names, email addresses, and phone numbers. You might also need to mention any domain names, website addresses, or applications the scammer directed you to use. It is also recommended to prepare a list of any two-factor authentication or one-time passcodes, cryptocurrency exchanges involved in your transactions, and a timeline of the scam’s progression.

If you are unable to provide transaction information, you can still submit a report and provide whatever information is available.

Staying Safe from Crypto Scams

The FBI’s latest cryptocurrency fraud report, published on Tuesday, offers valuable tips for safeguarding against scammers posing as legitimate investment providers. One key piece of advice is to never share personally identifiable information without first verifying the individual you’re communicating with, whether it’s over the phone or through email. It’s also vital to carefully examine domain names and website addresses, as some may look authentic but are actually designed to mimic legitimate cryptocurrency exchanges, often with only slight variations.

Given the prevalence of scams and fraud in the cryptocurrency space, it’s crucial to report any suspicious activity immediately to prevent the spread of such deceptive schemes. The FBI emphasizes the importance of staying informed about the latest and most dangerous cyber threats. This knowledge will empower you to better protect yourself, your family, and your workplace.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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