Arizona Attorney General Mayes and BBB Launch Campaign to Combat Cryptocurrency Scams
PHOENIX, AZ — Arizona Attorney General Kris Mayes is urging residents to remain vigilant against the rising threat of cryptocurrency scams, which continue to target vulnerable populations, particularly senior citizens. The Attorney General’s Office, in partnership with the Better Business Bureau (BBB), has launched a comprehensive consumer education campaign to help Arizonans recognize and avoid these fraudulent schemes.
Cryptocurrency-related scams have surged across the state as fraudsters exploit the general public’s limited understanding of cryptocurrency technology. Attorney General Mayes emphasized that legitimate businesses do not demand payment in cryptocurrency upfront. Instead, scammers typically use this as a tactic to pressure victims into untraceable payments.
“Scammers are taking advantage of the lack of familiarity on how cryptocurrency works to scam Arizonans out of their hard-earned money,” said Attorney General Mayes. “My office is committed to ensuring that all Arizonans are informed and protected against these emerging threats. I urge Arizonans to be vigilant and to report any suspicious activity to our office immediately.”
Common Cryptocurrency Scams in Arizona
- Investment Scams: Fraudsters offer fake or misleading investment opportunities promising high returns in cryptocurrency but are simply schemes to steal funds.
- Extortion and Blackmail: Scammers may send threatening emails or letters claiming possession of compromising information or videos, demanding payment in cryptocurrency to avoid exposure.
- Fake Crypto ATM Warnings: Recent efforts in Yavapai County include posting prominent warning signs on Bitcoin ATMs and Coinstar machines to alert potential victims about scam tactics that instruct users to transfer cryptocurrency to unknown parties.
Collaboration with Better Business Bureau and Local Law Enforcement
The Arizona Attorney General’s Office has partnered with the BBB to distribute consumer educational materials, including a series of video public service announcements hosted by Attorney General Mayes and former TV news anchor Joe Ducey. These aim to provide practical tips and highlight red flags to look out for in common scams, with an emphasis on cryptocurrency scams, moving frauds, and scams involving artificial intelligence.
“Consumer protection is my number one priority,” noted Mayes. “From rental scams to robocalls, my team is aggressively investigating deceptive business practices and fraud schemes reported across the state.”
Joe Ducey of BBB reinforced the importance of awareness: “By choosing to be smarter on the front end and doing your research with BBB, you can save yourself a headache—and potentially your hard-earning savings—on the backend.”
Preventive Steps for Arizonans
- Never send cryptocurrency payments to unknown or unverified individuals or businesses.
- Be skeptical of anyone demanding payment with gift cards, wire transfers, or cryptocurrency rather than credit cards, which offer consumer protections.
- Verify any mover or business through the BBB or official federal sites, such as the Federal Motor Carrier Safety Administration (FMCSA), before engaging services.
- If you receive threatening or extortionate communications demanding crypto payments, report them immediately to local law enforcement or the Arizona Attorney General’s Office.
- Use resources and warnings provided on cryptocurrency ATMs as an additional safeguard.
Reporting and Assistance
Victims or anyone suspicious of cryptocurrency scams are encouraged to contact the Arizona Attorney General’s Consumer Protection Division or local law enforcement agencies. Additionally, the Department of Public Safety can be reached for immediate threats related to scams.
By combining public awareness campaigns, law enforcement collaboration, and consumer education, Arizona authorities aim to significantly reduce the incidence and impact of cryptocurrency scams across the state.