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AARP Pennsylvania Warns Consumers About Growing Cryptocurrency Scams
As cryptocurrency grows in popularity, AARP Pennsylvania is urging Pennsylvanians to remain vigilant against scams that use the promise of quick profits—or the illusion of romance—to defraud consumers, often through anonymous crypto ATMs.
HARRISBURG, PA. – As cryptocurrency grows in popularity, AARP Pennsylvania is urging Pennsylvanians to remain vigilant against scams that use the promise of quick profits—or the illusion of romance—to defraud consumers, often through anonymous crypto ATMs.
In 2024 alone, consumers lost more than $1.4 billion to cryptocurrency scams, according to the Federal Trade Commission. These frauds typically fall into two categories: bogus investment opportunities and deceptive demands for payment in virtual currencies like Bitcoin, Ethereum, and Solana.
“Cryptocurrency scams are designed to exploit trust, urgency, and confusion,” said Mary Bach, AARP Pennsylvania Volunteer and Chair of the Consumer Issues Task Force. “These criminals use slick websites, convincing impostors, and even phony romantic connections to manipulate consumers into handing over their money. If someone you don’t know contacts you with a guaranteed investment or demands crypto payment—walk away.”
Scammers often contact consumers through text messages, emails, or social media and direct them to deposit large sums into Bitcoin ATMs, promising quick profits or threatening legal trouble. After funds are deposited and a QR code is scanned, the money is effectively gone.
As part of its education and outreach efforts, AARP is encouraging individuals to slow down, verify before paying, and never send money to strangers, especially in the form of virtual currency.
Red Flags to Watch For:
- Unsolicited investment advice involving crypto
- Pressure to act immediately
- Requests for payment through crypto ATMs, gift cards, or wire transfers
- Messages claiming to be from law enforcement or government agencies asking for cryptocurrency
Protect Yourself:
- Research investment platforms and individuals
- Never share your private keys or sensitive financial information
- Talk to someone you trust before making a large financial decision
- Contact your bank if you feel pressured into a transaction
“Criminals are clever,” Bach added. “But with education and awareness, we can stay one step ahead. Always question the urgency and verify the source.”
Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Pennsylvania Fraud Resource Page at aarp.org/pafraud.
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