What is cryptocurrency? How it works
Cryptocurrency is a form of digital currency that uses cryptography for security and operates independently of central banks.
- Springfield, Missouri, police received reports of over $1.2 million in cryptocurrency scam losses in 2024, with only $109,000 recovered.
- Police warn residents to be aware of common scam tactics like guaranteed high returns, urgent demands and requests for upfront payments in cryptocurrency.
- Victims are encouraged to report scams quickly to Springfield police to potentially recover funds.
- Scammers often impersonate officials, use unfamiliar platforms and request sensitive information.
Cryptocurrency scams are becoming increasingly common and sophisticated, even in Springfield, prompting law enforcement to issue a warning.
In 2024, the Springfield Police Department received 53 reports of crypto-related scams, with total losses exceeding $1.2 million, according to an SPD news release. About $109,000 was recovered during the year by detectives from the department’s financial crimes unit.
“Many victims feel ashamed for falling for a scam and will choose to quietly suffer,” Financial Crimes Detective Mark Stewart said in the release. “Criminals are very good at what they do. Victims are not alone.”
SPD warns residents to stay vigilant and be cognizant of common warning signs. Anyone who suspects they may have been a victim of a cryptocurrency scam is encouraged to act quickly and report the crime. Earlier action can increase chances that authorities can help.
Here’s what red flags to watch out for, according to SPD:
- Promises of guaranteed or high returns: Legitimate investments do not promise risk-free profits. So, if it sounds too good to be true, it probably is’
- Urgent demands, limited time offers or pressure to act fast: Scammers create artificial pressure to rush decisions that prey on emotions;
- Requests for advance payment or fees: Especially when payment is requested in cryptocurrency like bitcoin;
- Unsolicited messages from unknown contacts: These may come via text, email, social media or dating apps;
- Instructions to keep the interaction secret: Isolation is a common tactic used in fraud;
- Impersonation of government agencies, businesses or romantic partners: Fake identities are frequently used to build trust;
- Unfamiliar platforms that block fund withdrawals: Scam platforms may simulate investment growth but prevent access to funds;
- Requests for sensitive information: Never share wallet credentials, remote access, account information or private keys.
Victims can file a report by calling 417-864-1810 or visiting police headquarters from 7 a.m.-5 p.m. Monday through Friday at 321 E. Chestnut Expressway.
Marta Mieze covers local government at the News-Leader. Have feedback, tips or story ideas? Contact her at mmieze@news-leader.com.
