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Beware of Fake Work-From-Home Jobs — It’s a Ploy to Steal Your Crypto

Jun 6, 2024 at 06:29

The FBI is alerting job seekers to be wary of too-good-to-be-true work-from-home job offers, which are often scams designed to steal cryptocurrency.

Be cautious if an employer asks you to send cryptocurrency to secure a work-from-home position. According to a June 4 statement from the United States Federal Bureau of Investigation (FBI), such requests are typically fraudulent.

Rise in Work-From-Home Job Scams

The FBI has reported an increase in scams involving work-from-home job advertisements. Scammers reach out to potential victims through unsolicited calls or messages, offering seemingly simple tasks such as rating restaurants or “optimizing” a service by repeatedly clicking a button.

Victims may initially believe they are earning money, as they are directed to a fake interface that shows earnings. However, these earnings can never be cashed out. The scam reaches its peak when victims are asked to make cryptocurrency payments to unlock more work, with the payments going directly to the scammers.

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Recognizing Red Flags

The FBI highlighted several red flags that could indicate a scam, including job descriptions that overuse the term “optimization” and recruitment processes that do not require references.

With the growing popularity of remote work, more people are falling victim to these schemes. Data from Statista shows that by the end of 2023, 28% of the global workforce was working remotely. This trend allows remote workers the flexibility to choose their location.

Personal Stories and Rising Fraud Statistics

For instance, Dominic Frei, a crypto consultant based in Canggu, recently moved from Switzerland to Bali with his family to enjoy a better lifestyle and climate, as he shared in a recent interview with Magazine.

The FBI’s warning comes on the heels of a report highlighting the surge in crypto-related fraud in 2023. On March 9, Cointelegraph cited an FBI report revealing that investment losses involving cryptocurrency rose from $2.57 billion in 2022 to approximately $3.94 billion in 2023, marking a 53% increase.

Common Crypto Scams

Among the most common crypto scams are romance scams. In these scams, criminals create fake online identities to gain victims’ affection and trust, then concoct stories to persuade victims to send cryptocurrency, only to disappear afterward.

Be vigilant and verify job offers thoroughly to avoid falling prey to these sophisticated scams.

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