The FBI has issued a warning that fraudsters posing as lawyers are targeting crypto scam victims, promising to recover their lost funds. These bad actors use social media and other messaging platforms to impersonate law firms.
In a statement, the FBI noted that scammers reference the bureau to validate their contact. Victims sometimes reach out to fake websites, appearing legitimate, in hopes of recovering their funds. The scam involves fraudsters asking for partial upfront fees, with the balance due upon recovery. Between February 2023 and February 2024, this scheme netted $9.9 million for the scammers.
In March, the FBI reported a significant rise in crypto-related investment fraud, with such scams making up 86% of all investment fraud losses in the U.S. in 2023, totaling $3.94 billion. This reflects a 53% increase from 2022. Cybercriminals exploit the anonymity and fast transactions of digital currencies like Bitcoin and meme coins like Dogecoin and Shiba Inu.
The FBI advises caution with cryptocurrency recovery services, emphasizing research and skepticism toward companies with vague language or minimal online presence. This issue showcases the evolving tactics of cybercriminals and underscores the importance of vigilance in the crypto space.
