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Florida government warns of auto warranty scammers demanding crypto payments

Published on

January 12, 2023
Read Time:1 Minute, 43 Second

The Florida Division of Agriculture and Client Companies (FDACS) issued an alert sharing findings on figuring out automotive warranties for advertising and marketing robocall scams, together with asking to pay for the providers by means of reward playing cards and cryptocurrencies.

Client complaints about rising robocall fraud — by which scammers use pre-recorded calls to market and promote fraudulent providers — prompted the Enforcement Bureau to order cellphone firms to keep away from transmitting robocall site visitors.

Whatever the strategies utilized by scammers to contact potential victims, the FDACS Newsletter 5 purple flags highlighted indicating fraud.

5 purple flags for figuring out fraud. Supply: fdacs.gov

The announcement highlighted a number of the hottest cost strategies typically beneficial by the scammers:

"Cost Methodology: In case you're requested to pay with a present card or cryptocurrency, it is a rip-off."

Along with asking Florida residents to not make crypto funds, the FDACS reiterated that no authorities officers would ask for private info like their social safety or bank card quantity, including, "Solely scammers will ask for one in every of these types of cost." and when you ship the cash, you most likely will not get it again."

Though the e-newsletter talked about the impossibility of tracing cryptocurrency funds from hackers, quite a few firms together with Velodrome and Curve Finance have efficiently recovered stolen funds - because of the immutable nature of blockchain expertise.

Associated: US lawmakers urge Mark Zuckerberg to deal with crypto fraud 'hotbeds': report

On September 5, US Congressman Brad Sherman — a widely known crypto skeptic — acknowledged the speedy development of the crypto ecosystem and claimed that banning cryptocurrencies is now not an possibility.

Sherman defined that political donations and crypto lobbying make a blanket ban on cryptocurrencies unimaginable, including:

"We did not ban it at first as a result of we did not understand it was necessary, and we have not banned it now as a result of there's an excessive amount of cash and energy behind it."

Most lawmakers, together with Sherman, advocate implementing strict regulatory tips for crypto.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 12, 2023
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