Fabricating enticing profit data in new type of fraud – “Cryptocurrency Scam”

On May 29th, the New York City Police Department’s Crime Prevention Division held a community meeting in Flushing to educate the Chinese community on crime prevention. During the meeting, Scott from the FBI’s Fraud Prevention Division introduced a new type of scam, particularly focusing on the prevalent and financially devastating cryptocurrency scams that have been targeting many individuals.

With the rise of cryptocurrency investments, criminals exploit people’s desire for quick wealth and the mysterious aura surrounding cryptocurrencies to fabricate investment returns and deceive unsuspecting victims. Scott warned that if someone you meet online introduces you to a cryptocurrency investment opportunity, claiming to know someone who can help you earn significant profits, it is all a scam without exception. Regardless of how appealing the promised returns may seem or the data they show you, it’s all fake and doesn’t hold true.

Believing in such scams can lead you down a path where you’re lured into so-called “cryptocurrency” investment platforms that promise substantial returns. However, in reality, you stand to lose all the money you invest, and when you try to withdraw your funds, you will realize you’ve been swindled.

Deceptive individuals often create beautifully designed websites displaying fake earnings data to lend credibility to their schemes. However, once you attempt to withdraw your supposed profits, they vanish into thin air, leaving victims helpless and cheated.

Additionally, Detective Jason Petri from the NYPD’s Financial Crimes Prevention Division highlighted several new scam tactics, including lottery scams where individuals approach you on the street claiming to have a winning ticket but need your cash to share the prize, donation scams where scammers solicit donations for various causes and use mobile and online transfers to siphon funds from unsuspecting individuals, and impersonating bank employees to trick victims into revealing personal and financial information.

Inspector Kevin Coleman, the precinct commander of the NYPD’s 109th precinct, disclosed recent incidents of scams involving currency exchange in Flushing, particularly cases where Chinese individuals seeking to exchange US dollars for Chinese yuan fell victim to fraudulent currency exchange schemes. Coleman advised individuals to exercise caution and only conduct currency exchanges through reputable banks or legitimate institutions to avoid falling prey to such fraudulent activities.