The FBI has issued a warning about a new type of scam where fraudsters pose as lawyers, offering services to recover lost cryptocurrency.
The agency’s Internet Crime Complaint Center had previously warned the public about the rise in fake law firms claiming to help people retrieve their assets from past scams.
Fake lawyers
According to the FBI, these scammers deceive victims into thinking they’re working with official government agencies like the Consumer Financial Protection Bureau and the FBI itself, to recover lost digital assets.
The fraudsters provide fake links to legitimate financial services and exchanges to make their schemes seem credible.
Everyone wants their stolen stuff back, but hold on!
The scammers often request personal information, such as banking details, under the promise of needing it to recover the investments, then they also ask victims to pay back taxes and other fees before their funds can be recovered.
But the funds won’t be recovered, you know that, right?
Yes, there are ways as legitimate authorities can track and sometimes recover stolen cryptocurrency, but these scammers demand a portion of the fee upfront to start the recovery process, with the rest supposedly due upon full recovery.
Once victims pay, the scammers cut off communication, which isn’t how real law enforcement operates. If anyone want to being paid first, it’s time to be aware!
Scams everywhere
The FBI reports that from February 2023 to February 2024, these scammers stole over $10 million from victims, after they pose as professionals, for example lawyers and claim they can help recover lost cryptocurrency.
This type of scam has led to painful financial losses, with the FBI noting earlier this year that crypto scams are more damaging to the US economy than ransomware, with reported losses around $4.7 billion.
The FBI repeated that law enforcement doesn’t charge victims fees for investigating crimes. If someone claims to be affiliated with the FBI, the agency advises contacting your local FBI field office to confirm their identity.
