COLLINSVILLE — The Collinsville Police Department is warning residents to protect themselves from cryptocurrency scams after investigating multiple cases resulting in losses exceeding $400,000 over the past year.
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Cryptocurrency fraud has become a significant concern as scammers increasingly target investors with deceptive schemes, the police department said. The department issued a public service announcement outlining key precautions to help individuals avoid falling victim to these crimes.
“Cryptocurrency is exciting and the latest and greatest thing — but it’s also a growing target for scammers,” the police department announcement said.
Among the tips provided, the department advises skepticism toward any investment promising guaranteed returns or quick profits, emphasizing that no legitimate investment can guarantee profits. They also urge people to verify the identity of anyone soliciting cryptocurrency, noting that scammers often impersonate celebrities, influencers, law enforcement, or even friends.
The department cautions residents to be wary of unsolicited messages, such as direct messages or emails urging investment in new coins or projects, which are often scams. They specifically warn against calls from individuals claiming to be law enforcement officers demanding cryptocurrency payments to avoid warrants.
Protecting private keys and seed phrases is another critical measure. The department stresses never sharing these sensitive credentials with anyone, including supposed tech support or wallet recovery services.
Finally, the announcement recommends using only well-known, reputable cryptocurrency exchanges and avoiding suspicious links or unknown applications.
Anyone who suspects they have been scammed or encountered fraud is encouraged to report the incident immediately to the Collinsville Police Department or their local law enforcement agency. The Collinsville Police Department phone number is (618) 344-2131.
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