Older family members may be victims of cryptocurrency scams

ByJason Knowles and Ann Pistone WLS logo
Saturday, October 21, 2023
Quick tip to avoid crypto currency scams
Crypto Scam Quick Tip: If you have an older family member or friend in your life, you might want to check whether they've fallen victim to a crypto scam.

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.