Arizona Attorney General Kris Mayes has issued a warning about the rising threat of cryptocurrency scams targeting vulnerable individuals, especially seniors. These scams include fraudulent investment schemes, impersonation of businesses or government entities, and blackmail, exploiting the public’s lack of cryptocurrency knowledge. Mayes urged residents to verify suspicious claims, avoid sharing personal information, and report any suspicious activity to authorities.

Arizona’s Attorney General Warns of Crypto Scams

Arizona Attorney General Kris Mayes issued a warning on Monday about “bitcoin and cryptocurrency scams” targeting vulnerable individuals, particularly senior citizens, in the state.

Mayes emphasized the increasing threat posed by scammers exploiting the public’s limited understanding of cryptocurrency to defraud individuals of their savings. “Scammers are always finding new ways to steal your money using cryptocurrency,” she stressed, adding:

Scammers are taking advantage of the lack of familiarity on how cryptocurrency works to scam Arizonans out of their hard-earned money.

The warning outlines various common scams, including investment scams where fraudsters pose as investment managers or love interests to promise unrealistic returns on cryptocurrency investments.

Other scams involve impersonators claiming to represent businesses or government entities, using scare tactics to persuade victims to send cryptocurrency. Blackmail scams, where scammers threaten to release compromising information unless paid in cryptocurrency, were also highlighted as a significant risk.

The warning notes that “only scammers demand payment in cryptocurrency,” cautioning:

No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.

To prevent falling victim to these scams, Mayes advised the public to independently verify any suspicious claims, be wary of unsolicited calls demanding quick financial actions, and never share personal information with unknown callers. She urged residents to report any suspicious activity to local law enforcement or the Attorney General’s Office and to educate themselves about cryptocurrency scams.