10 hours ago
St. Thomas residents lose over $30,000 in crypto scams
Crypto scams are on the rise, as St. Thomas police issued a warning on June 20.
The police received three reports of cryptocurrency fraud in less than a week. Each incident resulted in losses of $30,000 or more.
Most recently, a victim was targeted by individuals claiming to work for a 'crypto return agency.'
The local resident had been investing crypto currently for several years and lost $31,000 to fraudulent transactions.
The other two residents had similar stories, both losing money to fraudulent transactions. It's difficult and can be impossible to recover the lost money.
Police point out common transactions used in the scams: promises of fast, guaranteed crypto returns, requests for full access to banking accounts, high-pressure tactics that urge quick action and fake online platforms that mimic legitimate crypto sites.
Police say to protect yourself from fraud, never give out full banking information to anyone, verify any company through multiple sources before investing, talk to your bank before transferring large sums and listen to your gut.
If it sounds too good to be true, it probably is.
