Beware of Cryptocurrency Work-From-Home Scams
Over the last few months, we have seen a concerning rise in fraudulent work-from-home schemes involving cryptocurrency. These scams often lure individuals with the promise of easy income through seemingly legitimate tasks such as product testing and review writing. However, the true nature of these schemes involves high-pressure tactics to open cryptocurrency wallets in order to get paid, and often to invest your own savings, into crypto platforms that ultimately turn out to be fraudulent.
How the Scam Works:
Attractive Job Offer: You see an advert, often on Social Media, for a work-from-home position, often promising high pay for simple tasks like testing products or writing reviews. The role might seem professional and the initial work legitimate.
Initial Earnings: You complete some tasks and receive payment into your crypto wallet, building trust and a sense of legitimacy.
Cryptocurrency Investment Pitch: You are introduced to a “unique investment opportunity” involving cryptocurrency, where you are encouraged to invest your earnings, often with promises of significant returns.
Increasing Investment Pressure: As you invest more, you might initially see massive “profits” which further encourages you to invest larger sums. You may also be pressured to invest more to reach higher “tiers” or unlock greater returns. Initially small sums of money may be paid to increase legitimacy, but when you look to remove larger sums of money, fees need to be paid involving more investment.
How to spot them:
Unrealistic Promises: Be wary of job offers that promise exceptionally high pay for minimal effort. If it sounds too good to be true, it probably is.
Pressure to Invest: Legitimate employers will never pressure you to invest your earnings in anything, especially cryptocurrency. High-pressure sales tactics are a major red flag.
Cryptocurrency Focus: Be suspicious if the primary focus of the “job” quickly shifts to cryptocurrency investment.
Lack of Information: Research the company thoroughly. If you can’t find legitimate contact information, a physical address, or reviews from other employees, be extremely cautious.
Unfamiliar Platforms: Be wary of investment platforms you’ve never heard of. Do your research and check for reviews before investing any money.
Requests for Personal Information: Be extremely careful about sharing personal or financial information with anyone you don’t know and trust.
Do your research, thoroughly research any work-from-home opportunity before committing, always check for reviews and verify the company’s legitimacy. Be sceptical, approach any investment opportunity with a healthy dose of scepticism. Don’t let the promise of quick riches cloud your judgment. Never invest money you can’t afford to lose, and never invest under pressure. Take your time and make informed decisions, if you’re considering investing in cryptocurrency, consult a qualified and registered financial advisor first.
Get help and report a scam
If you think you have been targeted by a scam or fallen for a scam, there are many authorities you can contact for advice or to make a report.
In the first instance, you should contact your bank immediately on a number you know to be correct, such as the one listed on your statement, their website or on the back of your debit or credit card.
Report to Police Scotland directly by calling 101 or online via ‘Contact Us’ on the website.
In the UK you can forward scam text message to OFCOM on 7726 (free of charge), and forward suspicious emails to report@phishing.gov.uk
And don’t forget to share your experience with friends and family to make sure they don’t fall for the same scam.
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