There were super bowl ads for crypto and many “influencers” are pitching it. Cryptocurrency is getting
more mainstream. But most consumers know little if anything about this new “exchange.”
Last year, money lost to crypto scams rose 82% to $7.8+ billion. Real money scammed from real
people – but mostly those you are younger. Dating apps are now rife with members whose sole
purpose is to scam the person with whom they connect by gaining their trust and “educating” them
about crypto.
Millennials and generation Zs have been particularly hurt. Thousands have fallen into the scammers
trap. In one case, a woman lost $390,000 of her and her father’s money by a man she met on a
dating app. He appealed to her heritage, saying he was born in the same village and they “bonded.”
She started slowly but the fake account that he had setup kept showing excellent returns, so she
invested more and more. She then convinced her father to invest all his life savings. When she
decided to cash out, she found that she had been scammed. She is devastated. She says he played
on their similar background, and she quickly trusted him.
The crypto world, by nature, has no paper trail. Therefore, when a person is scammed, there is no
way to get back the actual money they invested.
Until recently, seniors were the biggest target, but now with new technologies, apps and influencers
millennials and Z’s are just as vulnerable. Educate yourself and your family members. A good rule of
thumb for ALL investments – but especially cryptocurrency is to not do it with anyone who is met
online as that is like investing with someone you met on the street and decided to go for coffee and
opening your bank account to him/her. If the subject piques your interest, take a course or do
research from reputable sources instead of relying on a new acquaintance.
Scammers are quick to understand and capitalize on new opportunities. They use that knowledge to
be one step ahead of their victims. They are in the business of knowing when their targets are the
most susceptible. Fraud tactics are designed so they are believable. Use this information to keep your
family safe.
Whatever it takes, The Seniors’ Answer is here to make your life as carefree as
possible. Our mission is to make your life simple, secure, reduce stress and get things done. We
specialize in helping all aspects of the day-to-day of busy professionals, families and seniors. We
have a team devised to tackle and manage concerns that many may have. If you have questions or
need information about you or your loved one’s life management issues, please reach out to us. We
are here to make your life simple, secure, and stress-free. We are available 24/7. Call us at 305-646-
1833 or email us at Corrine@TheSeniorsAnswer.com.
