New Zealand's Financial Markets Authority (FMA) has issued a warning about a new crypto investment scam targeting the nation's citizens, promoted through YouTube channels with fake advice.
Scammers' Methods
According to the FMA, the scam is spread through YouTube channels that offer fake crypto investment advice, urging viewers to join private groups on platforms like WhatsApp or Telegram. Scammers promise high returns and offer prizes to participants.
FMA's Advice for Citizens
The FMA urges citizens to verify trading platforms through the Financial Service Provider Register (FSPR) to ensure they are legitimate and authorized to offer financial services in New Zealand. The authority also advises avoiding interaction with scammers and sharing personal information.
Global Crypto Scam Perspective
Crypto scams are a growing global issue. For example, in Australia, over AUD $180 million has been lost to investment fraud in the past year, with a significant portion involving cryptocurrencies. Local law enforcement warns that younger generations are prime targets for such schemes.
The FMA encourages citizens to remain vigilant when dealing with crypto-related investments and to report any suspicious activity to the relevant authorities.
