BOSTON — Boston residents lost more than $9 million to cryptocurrency scams in 2024, according to the Boston Police Department.
Police warn that losses could rise even higher in 2025 as scams become more sophisticated and widespread.
The department identified two common types of scams targeting older adults.
Investment scams include rug pulls, pump-and-dumps, and pig butchering schemes where scammers promise huge profits with no risk.
Scammers often approach victims via social media or dating apps and may use fake celebrity endorsements or pose as “investment managers.”
They encourage victims to buy cryptocurrency that can only be accessed through fake platforms.
Cryptocurrency ATM scams involve scammers pressuring victims to withdraw cash, convert it to crypto at an ATM, and send it to a scammer-controlled wallet.
Scammers often stay on the phone, walking victims through the process.
These transactions are nearly impossible to reverse, police said.
Police recommend several protective measures including researching investments thoroughly and understanding who runs cryptocurrency operations.
Residents should never share their wallet’s private key, even with someone they’re dating online.
Cryptocurrency apps should only be downloaded from trusted platforms like the App Store or Google Play.
Police advise being skeptical of social media ads and ignoring unsolicited investment offers.
Residents should be cautious with crypto ATMs and never send money to “protect it” or resolve supposed legal issues.
Scammers can spoof caller ID to appear legitimate, police said.
Victims should verify any claims by contacting organizations directly using official contact details.
Residents who have been scammed are encouraged to file a police report with their local area station.
Phone or mail fraud should be reported to the Federal Trade Commission, while online, email, or crypto fraud should be reported to the FBI’s Internet Crime Complaint Center.