A new investment scam is on the rise. The scam lures victims into making financial contributions to an investment account before the scammer disappears with the money.
How the scam works:
Step 1: Scammers contact you out of nowhere on social media, dating apps or via text message
Step 2: Scammers try to develop a relationship with you to gain trust
Step 3: Scammers tell you to open online investment accounts to purchase cryptocurrency (often by depositing cash into a crypto ATM)
Step 4: Scammers add pressure to entice you to invest more money
Step 5: Scammers stop once you try to withdraw money
Step 6: Scammers disappear with your money
Tips to avoid
Protect yourself: Before you act, do your research and talk to trusted friends and family before investing in anything.
Slow down: If scammers pressure you to act fast, it’s likely a scam.
Use caution: Don’t trust anyone who offers a “sure bet” fix and don’t download or use any unfamiliar apps.
If you have been impacted by this scam, here are a few immediate steps to take:
- Immediately stop all communication with the scammer, including phone calls, emails and messages.
- Contact the Federal Trade Commission (FTC) to file a complaint online* or by phone at 877-FTC-HELP (877-382-4357).
- File a complaint with the FBI through the Internet Crime Complaint Center* (IC3).
- Notify the financial institutions you work with. This includes your bank, investment companies, insurance companies and brokerage firms.
- File a police report with your local police department.
- Change all your internet banking passwords.
*Please Note: There are external links included in this article that will take you to a website Bankers Trust does not control. Bankers Trust has provided these links for your convenience but does not endorse and is not responsible for the content, links, privacy policy, or security policy of external websites.
