PHOENIX (KVOA) – Attorney General Kris Mayes and the Better Business Bureau (BBB) are alerting Arizonans to the dangers of cryptocurrency scams through their latest public service announcement.
Through their video PSA, Mayes and BBB educate the community on identifying and avoiding these increasingly common frauds.
Cryptocurrency, including popular types like Bitcoin and Ethereum, is often targeted by scammers due to its anonymity and lack of regulatory oversight, according to a news release. Scammers employ various tactics such as investment, impersonation and ransomware scams, to trick consumers into sending large sums of money via cryptocurrency.
The Attorney General’s Office has teamed up with local law enforcement to prevent such frauds by placing “STOP” signs on Bitcoin ATMs across the state. These warnings aim to protect residents from falling victim to scams initiated by unknown contacts.
According to a news release, scammers are capable of masking numbers to make it appear that a legitimate company or organization is calling individuals.
Mayes and BBB offer several tips to protect against these scams, such as verifying caller information, consulting with trusted individuals, securing personal information, be skeptical, and report suspicious activity before making financial decisions involving digital currencies.
They also emphasize that no legitimate business will demand cryptocurrency payments upfront.
Consumers are encouraged to report suspicious activity to local law enforcement or file a complaint with the Arizona Attorney General’s Office. For assistance, residents can contact the office in Phoenix at 602-542-5763 or in Tucson at 520-628-6648.
The BBB remains a resource for consumer information and scam alerts, and reports can be made through BBB’s Scam Tracker to help identify scam trends.
