Scammers now impersonating crypto exchanges to get access to your accounts, FBI warns

Scammers are increasingly impersonating cryptocurrency exchanges, feigning concern about clients’ funds. They urge victims to “safeguard” accounts from attackers by providing credentials or access, The Federal Bureau of Investigation (FBI) warns.

According to a new alert, scammers are contacting victims via unsolicited calls or messages and pretending to be cryptocurrency exchange employees.

“Hang up. Call the cryptocurrency exchange's official phone number to verify if there is a problem. Do not use any phone number the caller provides,” the FBI warns.

The scammers convey urgency by claiming that the victim’s account is down or someone is attempting to compromise it. To safeguard it, the victim must provide login and identification information, click a link, or perform other requested actions. That way, the scammer obtains access to the victim's account and steals the crypto.

“If you receive a call or message indicating any kind of account problem or compromise, do not respond, even if it appears official and indicates you must act immediately.”

Investment scams are the costliest type of cybercrime tracked by the FBI’s Crime Complaint Center, and crypto scams take the lion's share in this category.

Last year alone, losses to scams involving crypto rose to $3.96 billion, 53% more than in 2022. Losses to investment scams rose by 38%, to $4.57 billion in total. For comparison, the total losses to internet crime reached $12.5 billion in 2023.

Investment scam victims filed 39,570 complaints last year, 30% more than a year before. That means each investment scam victim suffered a devastating average loss of $115,499.

The traditional scammer approach was to lure victims with promises of lucrative returns.

The FBI recommends that users not visit websites or click links the callers send. Instead, navigate to the official cryptocurrency exchange website. Do not provide account login information, and avoid opening suspicious files or attachments in unsolicited messages.

Also, be cautious of fraudulent services that claim they can recover lost crypto.