Quick Tip: How to avoid cryptocurrency scams

CHICAGO (WLS) -- Here's a quick cryptocurrency scam tip.

According to the FBI, consumers lost about $5.6 billion in cryptocurrency fraud in 2023.

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Some experts are warning that it's a crypto scam crisis.

The investment law firm Carlson Law says its recent study shows Illinois ranks sixth in the nation, with a staggering 74% increase in investment fraud.

Scammers are using artificial intelligence-generated videos featuring fake images of Elon Musk or Jeff Bezos promoting bogus opportunities.

There are also reports of scammers capitalizing on the hype around the legitimate $Trump and $Melania crypto coins.

When investing, only use trusted crypto exchanges.

Find them on your own after researching instead of responding to phishing links.

Consult a financial advisor.

If you see a crypto video ad, you can spot a deepfake by looking for unnatural blinking, mismatched audio or inconsistent visuals.