Crypto Scammers’ Streamline Focus on Pride Month

Crypto Scammers’ Streamline Focus on Pride Month
  • FTC reports show the increase in the crypto scam targeting the LGBTQ+ community.
  • The govt. agency warns to be aware while contacting unknown sources via the internet

The June pride month has also influenced the crypto scammers. According to the report submitted by the Federal Trade Commission (FTC) at the start of this month, antisocial activists are focusing on the LGBTQ+. 

On June 27, the Massachusetts government released a blog stating the existing techniques followed by scammers along with precautionary methods. Scammers are approaching the victims through anonymous calls, texts, or social media. 

The order of losses counted in the crypto scams is investing schemes, romance scams, and business & government impersonation scams. An emotional appeal to the LGBTQ+ makes them a more vulnerable group.

The scammers approach victims as family or long-lost friends and try to build a connection. The initial move from scammers is also seen on the dating sites. Fast phasing relationship growth generally tends to collect personal information without revealing much about themselves.

FTC and Pride Month 

The start of June has made many dominant organizations and government agencies adopt the LGBTQ+ community. And we can see every other social media profile filled with supportive posts and stories. The FTC has also followed this trend and included the community in every other content.

In the blog for warning the crypto users, FTC has mentioned some points such as, avoiding transactions or sharing finance-related information with unknown persons. To minimize giving out personal data on social platforms and to be extra cautious while browsing the internet.

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