The Federal Bureau of Investigation has taken a significant step in safeguarding the nation's investors against the scourge of cryptocurrency investment fraud. They recently announced Operation Level Up, designed to intercept and educate victims caught in ongoing scams. In a proactive move, the FBI utilizes advanced techniques to identify victims and promptly intervene by reaching out to them directly, according to a press release from the FBI.
Since its inception over a year ago, Operation Level Up has touched lives across the United States. The FBI has notified more than 4,300 victims from all 50 states, with an astonishing 76 percent of them oblivious to the fact they were being defrauded. This hands-on initiative, using sophisticated techniques, has saved victims a significant sum exceeding $285 million, as stated by FBI Criminal Investigative Division Assistant Director Chad Yarbrough. "The FBI is committed to protecting citizens from cryptocurrency investment fraud schemes," Yarbrough said. "We will use every tool at our disposal to stop them from targeting U.S. citizens."
The scams, often featuring unsolicited online contact and long periods of trust-building before hitting with fake investment opportunities and a manufactured urgency to send money, are typically operated by individuals based overseas. Cryptocurrency investment schemes are known for their complexity and emotional impact on victims. Specially trained agents, including FBI and U.S. Secret Service personnel, are now taking the lead to contact victims of such crimes in order to prevent further victimization and financial loss.
Agents not only alert potential victims about being part of a scam, but they also offer guidance on how to avoid these pitfalls in the future, explain how to report such crimes to law enforcement, and provide much-needed access to mental health and other resources to help cope with the scams' impact. Interestingly, dozens of victims, referred through Operation Level Up, were in a position to receive direct support from the FBI Victim Services Division, providing them with access to lifesaving measures and mental health support. These crimes have prompted international collaboration, with the FBI working alongside global law enforcement partners to also help foreign victims identified during the operation.
To help the public steer clear of these deceptive practices, the FBI shares several tips: Never give out personal or financial information or send money to someone online, avoid investments based solely on online advice, refrain from using unfamiliar applications or clicking on links from unknown sources, and resist fees for fund recovery that seem dubious—as they often are additional scams. The FBI also warns that individuals behind these criminal activities may try to mislead victims into ignoring FBI's warnings or misguiding their response to FBI inquiries.
Finally, the FBI's awareness campaign is aimed at ensuring the general public stays informed and vigilant. The Bureau emphasizes that should you be contacted by an FBI agent, they will never request money, bank details, or personal information beyond identity confirmation. They will also provide methods for you to verify their authenticity as an FBI agent. For further peace of mind or clarification, individuals are encouraged to reach out to their local FBI office. The public can stay more informed and guarded against these rapidly evolving schemes with this heightened state of awareness.
