FBI Forensic Accountants in Norfolk Field Office Address Crypto-Based Financial Scams

Forensic accountants with the Norfolk field office of the FBI are sounding the alarm on a growing trend of cryptocurrency scams that are impacting people’s finances in the Hampton Roads region of Virginia.

Daniel Booth, a forensic accountant with the FBI, describes these scams as old tricks with a new look, as they involve traditional forms of financial fraud but now utilize cryptocurrency as the payment method. These scams are becoming more prevalent across FBI field offices, with the Hampton Roads region being no exception.

Booth warns of three common cryptocurrency scams that individuals and businesses should be aware of. The first is ransomware, where scammers breach a business’s security systems and demand payment in cryptocurrency for the decryption key. The second scam, known as “Tech Support,” targets individuals by tricking them into installing software that gives scammers access to their computer and financial information. The third scam, called “Pig Butchering,” involves victims investing money in a fake trading platform that promises high returns but is actually a scam to keep victims contributing more money.

Booth emphasizes that these scams do not directly ask for money, but instead lure victims into investing in fake opportunities that can result in significant financial losses. The FBI recently issued a public service announcement warning about cryptocurrency-related scams, urging victims to report their cases to the Internet Crime Complaint Center.

As cryptocurrency continues to gain popularity, it is important for individuals and businesses to be vigilant and cautious when engaging in financial transactions involving digital currencies. The FBI is working to stay ahead of these trends and protect the public from falling victim to these sophisticated scams.