Consumer advocates warn of cryptocurrency scams

ALBUQUERQUE, N.M. – You may have heard about cryptocurrency in all forms and unusual names – Bitcoin, Dogecoin, Polkadot – as more people are flocking to them.

"There are so many different versions," said Victoria Carreon with the Better Business Bureau.

Interest in cryptocurrency has skyrocketed during the pandemic. However, it is important to be careful to make sure you don’t lose your money.

Financial experts say cryptocurrency investments can be volatile. One of the most popular forms is Bitcoin which, this week, dropped 45% from its all-time high last summer.

Many apps make it easy to purchase cryptocurrency – even fractions of it – but people need to be careful.

"You might try to sign on to a platform, download an app to invest in cryptocurrency and you might think it’s a legitimate avenue to buy something like Bitcoin, but it’s actually a fake app," Carreon pointed out.

Nowadays, you may notice that certain retailers will accept cryptocurrency as payment. However, scam artists are catching on to that and are even tricking people into paying them for what turns out to be nothing.

Consumer advocates recommend doing your research on legitimate investment apps. Advocates also recommend protecting it as you would protect your money and remember that the market can be very rocky.