Four Most Common Cryptocurrency Scams
A cryptocurrency is a digital or virtual currency which can allow users to send and receive money without identifying themselves. This anonymity has created a way for scammers to receive payments from their victims without being easily traced. TNS’ robocall protection team has identified four of the most common cryptocurrency scams to watch out for.
1. Bitcoin ATMs
A recent scam has been surfacing in California in the US and is likely happening in other locations worldwide where bitcoin ATMs are found. The machines are typically found in convenience stores and look similar to a bank ATM. There have been reports of scammers pretending to be from a reputable institution and convincing victims to deposit cash into the bitcoin ATMs. Through this communication, the scammer can gain access to the victim’s bitcoin wallet and steal their money.
2. Blackmail and Extortion Scams
An especially twisted scheme that uses cryptocurrency is blackmail or extortion scams. Fraudsters may call and claim they have sensitive or embarrassing photos, videos or other compromising media of the victim that they will release unless they pay the ransom via cryptocurrency. These threats often come in the form of robocalls or email and are usually just a scare tactic. Blackmail is a felony and if you are a target of this scam, it should be reported to the FBI.
3. Get Rich Quick
The promise of a quick return on investment always sounds enticing, but from a robocall scam standpoint, it is always too good to be true. The classic “Get Rich Quick” scheme has taken on many forms, one being an investment in cryptocurrency. The scammer will often claim to grow your assets overnight and pressure their targeted victim to send them money as soon as possible. The pressure and promise of high return is enough to fool some individuals, but this should be seen as a red flag of a scam.
4. Mining Job Listings
Cryptocurrency involves mining, which is verifying transactions by solving mathematical puzzles. The miners are rewarded with new coins. A common scam is a listing for a mining job, but the “recruit” must make a payment to get started. Jobs that require a buy-in are almost always a scam and should be approached with caution.
It is best practice to never engage with unknown numbers and report phone numbers being used by scammers to your carrier. If you believe you are the victim of a scam, you can report it to your local police, state Attorney General’s office and the FTC.
Call-blocking apps, including those powered by TNS Call Guardian®, are also a great resource for reporting and blocking unwanted robocalls. Stay vigilant and share information about scams with others.
Call Guardian is a registered trademark of Transaction Network Services, Inc.
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Unwanted Calls Nationwide Snapshot
TNS estimates that more than 58 billion unwanted calls were made in the last 12 months representing a 18% decrease over the last 12 months versus the previous 12 months. Unwanted calls decreased 3% from February to March at 4.2B. This represents a 19% decrease from March 2023 to March 2024.
Unwanted calls are comprised of nuisance calls and high-risk calls. The severity of harm of nuisance calls are moderate. The severity of harm for high-risk calls is deemed as a major invasion of privacy that can cause emotional distress.
TNS Heatmap of Originating Unwanted Calls
Top 10 Area Codes for Generating Unwanted Calls – March 2024 |
Top 10 Area Codes for Generating Unwanted Calls – February 2024 |
Top 10 Area Codes for Generating Unwanted Calls – March 2023 |
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TNS Unwanted Call Indices
TNS Calling Trust Index – Last 12 Months |
TNS Complaint Index – Last 12 Months |
The TNS Calling Trust Index is a measure of the crowd-source feedback for the unwanted calls that TNS receives in relation to the total number of calls to a subscriber. The index gives an indication of the consumer trust in voice calling and pulls data from our robocall protection platform TNS Call Guardian®. |
The TNS Complaint Index is a measure of the FCC complaints for the Do-Not-Call List in relation to the total number of unwanted calls seen by TNS. The index gives an indication to how many consumers are reporting complaints to the FCC relative to the number of unwanted robocalls they receive. |
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