Marylanders lose nearly $94 million to cryptocurrency scams in 2023

In 2023, cryptocurrency scams have significantly impacted Maryland, with victims losing nearly $94 million. The FBI's report highlights that these scams represent about 10% of all financial fraud complaints, yet they account for a substantial portion of the financial losses. Emotional manipulation is a common tactic used by scammers, often intertwined with romance scams, where victims are lured into trusting the scammer before being persuaded to invest in fraudulent schemes. The Better Business Bureau of Greater Maryland emphasizes the ease with which scammers can access personal and financial information online. Victims are often targeted through dating apps or social media, where trust is built before the scammer attempts to solicit investments. One victim recounted being contacted by someone claiming to be an engineer, who used romantic gestures to gain her trust before leading her into a scam. Maryland reported nearly 1,400 complaints related to cryptocurrency scams, with investment scams being the most prevalent. The state ranked as the 13th worst affected by these scams in the nation. The report serves as a warning to individuals to remain vigilant, especially when they are emotionally vulnerable, and to verify the identities of those they interact with online. Authorities encourage anyone who suspects they are being targeted by a cryptocurrency scam to report it to the FBI or the Better Business Bureau. The rising trend of these scams underscores the need for increased awareness and caution among potential investors in the cryptocurrency space.