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Cryptocurrency

MSHP warns of increasing cryptocurrency scams

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MISSOURI — The Missouri State Highway Patrol’s (MSHP) Division of Drug and Crime Control is alerting the public to a growing number of cryptocurrency fraud cases in the state.

According to an MSHP press release, officials have seen an increase in scams targeting older adults and other members of the public.

Troopers state criminals use the internet, social media, email, dating sites, end-to-end encrypted messaging applications and phone calls to encourage victims to send money through cryptocurrency, such as Bitcoin.

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During these scams, the alleged criminals use tactics to instill fear in victims, such as an actor who requests the currency.

MSHP says to call local law enforcement if you believe you are a fallen victim or if someone suspicious has reached out to you in these scams.

Here are a few warning signs of fraud with 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.

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The release indicates government agencies will never request payment in cryptocurrency, gift cards or wire transfers.

MSHP suggests that families or caregivers speak with older adults about these scams to recognize a possible incident.

If you believe you are a victim of a scam, contact the Attorney General’s Consumer Protection Hotline at 800-392-8222 or file a complaint here.

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