Bitcoin Blackmail Scams Targeting Cheating Husbands On The Rise

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The Federal Trade Commission (FTC) is looking to tackle the high rate of Bitcoin blackmail scams. The commission is offering consumers advice via its website.

The Division of Consumer and Business Education of the FTC published a bulletin on August 21, 2018, where it talked about a typical BTC blackmail scam. It quoted a popular line used by scammers:

I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me an $8600 confidentiality fee in Bitcoin.

Scammers use this message generally

This message used by Bitcoin scammers now doesn’t specify the nature of the secret. It is a common tactic that they use as they aim to attack a victim’s guilty conscience.

Some people panic when they see the message and pay up without the knowledge that the scammer has just sent out hundreds or thousands of such emails indiscriminately.

A similar incident occurred at the start of the year. Scammers targeted their victim with paper mail via the U.S Postal Service.

The targets were accused of having extramarital affairs, with the scammers hopeful that a few of the accused would feel guilty and send them Bitcoin just to keep them quiet.

The scammers would have predicted that at least one in five spouses has committed infidelity at some point.

FTC post addresses scam accusing men of infidelity

The recent post by the FTC was specifically targeted for men accused of infidelity. The commission noted that threats, high-pressure tactics, and intimidations are signs to look out for when identifying a scam.

The commission advised people to avoid giving their personal information to people they don’t know. They should also ignore unexpected requests, something that has become very rampant.

In addition to that, potential victims should carry out online searches of any suspect organizations including the words “scam” or “review” in the search engine. This will likely reveal if others have complained about the group asking for information.

Pay upfront for promised reward is basically a scam

FTC pointed out that programs asking users to pay upfront for promised reward is another scam tactics. The commission also noted that caller IDs can be spoofed these days and advises that people simply hang up on phone calls including a pre-recorded sales pitch.

Scammers get credit card details by offering free trials to consumers. The method of payment is another indicator of pointing out scammers. Most scammers offer payment methods with no recourse in terms of a refund like cryptocurrencies and Western Union.

FTC finally advised consumers that it is best to talk to someone they trust before sending money to people they don’t know. It would also be in their best interest to sign up for the free scam alerts email service the organization offers to help prevent fraud

Crypto scams continue to exist

Cryptocurrency scams in virtually all sectors continue to rise. A recent report revealed that a victim in Hawaii was asked to pay a phone bill or have his utility services disconnected.

A South Korean businessman recently lost $2.3 million in a Bitcoin to Fiat P2P scam just a few days ago.

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