Springfield Police warn of rising cryptocurrency scams after more than $1.2 million lost in 2024

Springfield, Mo. ~ Springfield, Mo. - The Springfield Police Department has reported a significant increase in cryptocurrency-related scams in 2024, with a total of 53 cases and losses exceeding $1.2 million. However, thanks to the efforts of the department's Financial Crimes Unit, $109,389 was successfully recovered during the year.

According to Financial Crimes Detective Mark Stewart, these scams are becoming more sophisticated and widespread, making it crucial for residents to remain vigilant and educate themselves on common warning signs. He also emphasized that victims should not feel ashamed for falling prey to these scams as criminals are skilled at what they do and victims are not alone.

While the types of cryptocurrency scams vary, there are several red flags that they often share. These include promises of guaranteed or high returns, urgent demands or limited time offers that create artificial pressure to act fast, requests for advance payment or fees (especially in cryptocurrency like bitcoin), unsolicited messages from unknown contacts through various platforms such as text, email, social media or dating apps, instructions to keep the interaction secret which isolates the victim, impersonation of government agencies or businesses to build trust and unfamiliar platforms that block fund withdrawals.

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Detective Stewart also warned against sharing sensitive information such as wallet credentials, remote access, account information or private keys with anyone. He urged anyone who believes they have been targeted or victimized by a cryptocurrency scam to act quickly and report it. Prompt reporting increases the chances of detectives being able to help.

To file a report, victims can call 417-864-1810 or visit police headquarters at 321 E. Chestnut Expwy., Monday through Friday from 7 a.m. to 5 p.m. The Springfield Police Department urges residents to stay informed and cautious when dealing with cryptocurrency investments to avoid falling victim to these scams.

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