HARRISBURG – AARP Pennsylvania is elevating its efforts to educate its members and the public about the escalating threats posed by cryptocurrency scams.

With the digital currency market expanding, the potential for profit has attracted not only investors but also an increase in fraudulent schemes.

The AARP Pennsylvania Fraud Watch Alert about cryptocurrency scams is available to view on YouTube.

Mary Bach, AARP Pennsylvania volunteer and chair of the Consumer Issues Task Force, emphasized the importance of vigilance.

“Cryptocurrency can be exciting and, indeed, profitable. However, the landscape is plagued with investment scams posing as legitimate platforms. These criminals promise substantial returns, but what they’re really doing is pilfering the hard-earned funds of unsuspecting investors.”

Cryptocurrency scams can take various forms, from investment platforms promising unrealistic returns to impersonators of celebrities or investment managers. The Federal Trade Commission (FTC) and the Federal Bureau of Investigation (FBI) have highlighted the significant losses incurred by investors, urging the public to exercise caution.

David Kalinoski, associate state director of outreach for AARP Pennsylvania, advised, “Before making any investment, especially in the volatile crypto market, you must conduct thorough research. Be wary of unsolicited offers and high-pressure tactics, as these are red flags of potential fraud.”

AARP Pennsylvania provides resources and information to help the community stay informed about the risks associated with cryptocurrency investments. Through education and awareness, the organization aims to protect individuals from falling prey to these increasingly sophisticated scams.

To protect yourself, engage in diligent research, understand the speculative nature of crypto investments, and never share your private keys with anyone. If you suspect you have been targeted by a scam, report it to authorities immediately.

Sign up for free, biweekly Watchdog Alerts to have information on the latest scams delivered right to your phone. Text FWN to 50757.

Report scams to local law enforcement. For help from AARP, call (877) 908-3360 or visit the AARP Pennsylvania Fraud Resource Page at aarp.org/pafraud.