SAN ANTONIO — The FBI recently released their 2023 internet crime report. They are now warning of a spike in cryptocurrency investment schemes, to the tune of nearly $4 billion dollars, that's a 53% increase from 2022.
The BBB of San Antonio, says they are also seeing a spike.
“We’re seeing a huge surge of new users, trading Bitcoin going into crypto, and losing a lot of money.” said Jason Meza, BBB San Antonio, Senior Director of Media Relations & Community Engagement.
Meza says scams involving cryptocurrency are being framed as an investment opportunity, sparking a fear of missing out. Scammers will tell you now is the time to invest.
“You don’t want to miss the chance to grow your nest egg. It’s an incredible time to jump in.” Said Meza.
Meza says investment scams are not new, but social media is making it easier.
“It’s really just put lighter fluid on the fire pretty much, because now they’re using our own social circles against us. They are saying our friends, and family are doing this. Why not you?” said Meza.
The BBB says in the first 2 months of 2024, Texas residents have been scammed out of nearly $500,000.
“It’s a minimum investment say $100 or $200, and watch it grow. The problem is people are getting scammed by thinking it’s growing, and within time they’re constantly asking for more fees to be added to the account.” said Meza.
A San Antonio man who didn't want to go on camera says a fake Facebook profile asked him to invest a minimum of $500, promising a huge return of 300 times his investment. After a few weeks he paid a transfer fee of $1,300 to access profits, he lost the $1,800.
The BBB says don't fall for high pressure or scare tactics. They also say do your research, familiarizing yourself with investment terms and processes, and be skeptical of guaranteed returns.
“Put the breaks, take a breath, and really think about where you’re putting your hard earned dollars at the end of the day.” said Meza.