Older family members may be victims of cryptocurrency scams

CHICAGO (WLS) -- Here's a quick tip to spot if an elderly family member or friend has become a victim of crypto fraud.

FBI research shows crypto crime is skyrocketing, especially with seniors.

In 2022, American senior citizens lost over $1 billion to those types of scams.

Cryptocurrency and finance experts at Bankless Times have tips on how to keep family members safe.

• Watch for loved ones opening a crypto account without showing much knowledge or experience with this type of currency.

• Ask if purchases are funded by their retirement account savings. If an older person in your life making large cash withdrawals from their bank account for crypto currency.

• Avoid investing with anyone who reaches out to you a thoroughly research any investment opportunity before giving money. You may also want to reach out to a financial planner for guidance.