Florida alerts Florida residents to automatic guarantee scams requesting crypto payments

Florida alerts Florida residents to automatic guarantee scams requesting crypto payments

Florida authorities have warned residents about robocall scams that sell auto warranties and require consumers to pay in various ways, including cryptocurrency.

In the Florida Consumer Newsletter export By the Florida Department of Agriculture and Consumer Services, the government stated that it had ordered phone companies to stop transmitting traffic to spoof a known robocall.

A robocall scam identified as Cox/Jones/Sumco Panama has made more than eight billion illegal phone calls to US consumers since 2018. The FDAC claimed this necessitated stopping phone companies from making their calls.

But, she added, scammers may also use other means to reach consumers, such as sending fake “auto service notices” and “extended warranty letter” by email.

Regardless of the methods, the FDACS has identified five red flags that should alert consumers about a scam. They include calls for immediate action, false claims, requests for personal information, scammers, and requests for payments in gift cards or cryptocurrency.

According to the FDACS, “scammers will only ask for one of these types of payment, and once you send the money, you likely won’t get it back.”

Including cryptocurrency as one of the payment types favored by fraudsters is another example of the authorities identifying the increasing rate of cryptocurrency fraud.

High coded tricks

a Report by the Federal Trade Commission on Social Media Scams has identified crypto as one of the most common forms of scams on these platforms.

“Reports show that social media is a tool for fraudsters in investment scams, particularly those involving fake investments in cryptocurrency – an area that has seen a massive rise in reports,” the report said.

US Congressman Brad Sherman has also called for strict regulation of the crypto sector despite admitting that it is impossible to ban it.

However, crypto scammers can still be tracked down and refunded. Due to the public and immutable nature of the blockchain, many protocols and cryptographic security models have been able to track funds.

But the chances of consumers not being able to get their money back seem to be higher.

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