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The Missouri State Highway Patrol’s (MSHP) Division of Drug and Crime Control is warning the public about cryptocurrency frauds in the state.
Investigators have seen an increase in scams, often targeting older adults and other members of the public, resulting in significant financial losses.
Criminals use the internet, social media, email, dating sites, text messages, end to end encrypted messaging apps and phone calls to convince victims to send money through cryptocurrency, such as Bitcoin, or other virtual currencies.
MSHP says the scams are designed to appear legitimate and frequently rely on urgency, fear, or promises of guaranteed returns.
The victim is often groomed by the scammers, and end up trusting the scammer before money is requested.
MSHP provided the following warning signs of fraud involving cryptocurrency:
- Pressure to act quickly or claims that immediate action is required to avoid arrest, financial loss, or legal trouble.
- Requests for payment in cryptocurrency, gift cards, wire transfers, Bitcoin ATM (or kiosk).
- Unsolicited contact from individuals claiming to represent government agencies, financial institutions, tech support, or investment firms.
- Promises of guaranteed profits or “risk-free” investment opportunities.
- Instructions to keep the transaction secret, including requests not to tell family members, friends, law enforcement or bank employees.
- Online relationships (romance schemes) that quickly turn into requests for money or investment assistance.
- Requests for personal or financial information sent through email, text message, or social media.
MSHP also provided important reminders to remember:
- Legitimate government agencies and law enforcement do not request payment in cryptocurrency, gift cards, or wire transfers.
- Time is crucial—report cryptocurrency scams immediately to assist in the recovery of funds.
- Scammers frequently impersonate trusted organizations or individuals to gain credibility with a potential victim.
- If you own cryptocurrency, never share your wallet’s seed phrase—legitimate platforms will never ask for it.
- Always confirm the legitimacy of websites and apps before logging in to your cryptocurrency accounts.
- If someone asks you to withdraw cash and deposit it into a Bitcoin kiosk, pause and read the kiosk’s disclaimers carefully, they often include fraud warnings. Make sure the transaction is legitimate before proceeding.
MSHP recommends to take time to verify requests for money or information, talk with a trust family member, friend, or financial professional before making financial decisions, report suspected fraud to local law enforcement, use two-factor authentication on all crypto accounts, and to keep your devices updated and use strong passwords.
MSHP also encourages families and caregivers to discuss these scams with older adults and help them recognize the warning signs.
If you or anyone who believes they have been targeted or victimized by a scam, contact the Attorney General’s Consumer Protection Hotline at 800.392.8222 or file a complaint online at the Attorney General’s website.