Boston Police Department Urges Public to Be On Alert for Cryptocurrency Scams
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The Boston Police Department has issued a warning urging residents to stay on alert as cryptocurrency-related scams continue to escalate. In 2024, Boston Police estimated financial losses related to these scams would exceed $9 million. This year, authorities nationwide are predicting even greater losses due to the increasing sophistication of scamming technology.
In a media release, the Boston Police Department outlines several types of common cryptocurrency scams:
- Investment scams: Fraudsters promise high payouts without risks to entice their victims.
- Blackmail and extortion: Scammers send communications claiming they can access damaging evidence and demand their victims to make crypto payments to avoid legal action.
- Imposter scams: Crooks impersonate lending institutions, government agencies, and utility service providers demanding cryptocurrency payments so that their victims can avoid legal problems or service interruptions.
How to Protect Yourself From Cryptocurrency Scams
Taking the following steps can help you avoid falling into a cryptocurrency scammer’s trap:
- Do your homework: Research cryptocurrency investment opportunities to confirm their legitimacy. The Massachusetts Attorney General’s Office has several cryptocurrency scam tracking resources available.
- Download apps only from official sources: Only download cryptocurrency apps from verified providers such as the Apple App Store or Google Play.
- Ignore unsolicited contacts: It is likely a scam if someone reaches out with an unexpected investment opportunity.
- Verify identities: Always contact banks and lending institutions to confirm the legitimacy of any cryptocurrency offer before sending money.
How to Report Cryptocurrency Fraud
If you suspect fraudulent activity, report it immediately to the following agencies:
- Boston Police Department CrimeStoppers: 800-494-TIPS (8477)
- Boston Regional Intelligence Center (BRIC): 617-343-4328 or email
- Federal Trade Commission: Report fraud
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