Virtual Currency Scam
How does it work?
A text message is received from an unknown number. You respond to the text stating the unknown individual has the wrong number. The unknown individual continues the conversation and you continue to engage in general conversation over the next two months.
The unknown individual then begins talking about investing in virtual currency (bitcoin) and provides you an opportunity to earn a high return on investment. You then invest $5,000.00 with the unknown individual and within two weeks, the unknown individual shows that your original investment is $20,000.00.
You continue to invest your money with the unknown individual. Your investment is now showing $75,000.00 and you ask to withdrawal your investment. The unknown individual states you must pay a processing fee to withdrawal and you send $1,000.00 to withdrawal. You never receive your money.
Common Tactics
(1) Text messages or social media messages sent to multiple individuals.
(2) Pretends to be a expert in virtual currency.
Where’s the Fraud?
Money being sent is not being invested in virtual currency platforms. The return on investment growth being shown are fake screenshots. You are willingly sending personal money to an unknown individual.
Red Flags
(1) Instructed to send money at certain times.
(2) Always shown a very quick return on investment.
(3) Unknown individual claims to be an expert in virtual currency investments.
(4) Asks for more money when withdrawal is requested.