Cryptocurrency scams rising: Detective explains why they're so concerning and what to do if you fall victim

MONROE COUNTY, Michigan — The Monroe County Sheriff’s Office is reporting scammers are taking advantage of the growing popularity of cryptocurrency.

In the county, there’s been an uptick in cryptocurrency-related scams that are taking advantage of businesses and people, according to law enforcement.

Scammers are deceiving victims into transferring funds and their personal information.

“Twelve cases that I believe (a detective’s) investigating over the past six months with cryptocurrencies. They range in dollar amounts anywhere from $200 all the way up to $10,000,” Det. Sgt. Jeff Hooper with the Monroe County Sheriff’s Office said.

Hooper said he’s seeing a trend transitioning from a form of payment to a wire transfer and now trending toward cryptocurrency.

“Unfortunately, a lot of these cryptocurrency wallets where this money goes is overseas and sometimes it’s hard to recoup the funds if they’re in a certain area overseas,” Hooper said.

When it comes to protecting yourself, experts say use caution.

“I would probably go on the Better Business Bureau and make sure it’s an actual business,” Jennifer Dray, a Michigan resident said. “If it was anything over like $20 or anything with a credit card and then make sure the resources are correct.”

It’s also important to alert police if you think you’re being scammed.

“The sooner we can start to trace it, there’s a higher likelihood of a chance of recovery of funds,” Hooper said.

The Monroe County Sheriff’s Office said if you’ve been scammed, contact your local bank or file a police report.

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