PEARLAND, Texas (CW39) – The Pearland Police Department continues to urge residents to stay on guard of personal information after issuing an alert last month following a surge in reports of sophisticated cryptocurrency and investment scams targeting area residents. These fraudulent schemes often use social media and messaging apps to build trust before draining victims’ bank accounts through “guaranteed” high-return opportunities.
What to Know
- Scammers target victims via WhatsApp, Telegram, and social media.
- Fraudsters promise high returns with little to no financial risk.
- Victims are often pressured to act quickly to avoid “missing out.”
- Fake platforms may show fake profits but block all withdrawals.
- Scammers often demand extra “fees” or “taxes” to release funds.
What are the red flags of a crypto investment scam?
Authorities note that these scams often begin with an unsolicited message from a stranger on platforms like WhatsApp or Bonchat. The person may spend weeks building a relationship before ever mentioning a financial opportunity or an “exclusive” investment group.
Common warning signs include being asked to recruit others to increase your earnings or being told to send money exclusively via cryptocurrency or wire transfers. If an investment platform shows your balance growing but requires additional deposits to take any money out, it is almost certainly a scam.
How can Houston area residents protect their money?
Before sending any funds, residents should independently verify the registration of any firm through the FINRA BrokerCheck or the SEC Advisor Database. Never rely on links provided by the person promoting the investment, as these often lead to cloned or fraudulent websites.
- Research the company by searching the name plus the word “scam” or “complaint.”
- Be extremely cautious of individuals you have only met online.
- Attempt a small withdrawal early to see if the platform is functional.
- Never pay upfront fees or “taxes” to access money you have already invested.
- Consult a licensed, local financial professional before making large decisions.
What should you do if you have already sent money?
If you believe you have fallen victim to one of these schemes, police say you must stop all communication with the scammer immediately. Do not send any additional “recovery fees,” as scammers often pose as helpful agents to steal even more money from the same victim.
Incidents should be reported to the Pearland Police Department and the FBI’s Internet Crime Complaint Center. Texas residents can also reach out to the Texas State Securities Board to file a formal complaint and help prevent others from being targeted.
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