Crypto-Scams, or, Old Wolf New Online Sheepskin

by Stephanie Maloney

Every year around “Tax Time” consumers, across the board, get hit with opportunities to “turn that refund into a lot of money” and this year some of it is coming a “Bit Coin” at a time.

Scams that have historically targeted retirees, widows and widowers are now bleeding out to include the newly single. The promise of fantastic returns on even small investments involving “Crypto Currencies” and “Block Chains” is a familiar tale echoing the old hustles of Oil & Gas and Gold & Silver back in the eighties. These scams always prey upon the “fear of missing out” and for a certain percentage of people it always works.

If you, like many of us at a certain age, are engaged in parental care you’ve already heard about some “incredible” offers being made online to “make those retirement funds really pay off”. It’s a relative new development for people to say ‘I know Dad ever since the divorce those things started showing up every day”. Since it’s all online one bad decision might open a “Pandora’s Box” of connected problems.

One of the insidious aspects of this “currency investment” is that it has become all too easy to use the pitch “no traditional broker can make money from it so they steer you away from it”.

That strategy plays deeper into the “missing out” fear and makes it a lot easier to push those buttons and “get in” on something they think is a deal “too good to miss”.

You’re going to see more about this so “be careful out there” as the “Woodsman” said to “Little Red Riding Hood.”