The Commission warns that it is on the lookout for cryptocurrency scams

The Commission warns that it is on the lookout for cryptocurrency scams

“Everybody’s heard of it, digital currency, a lot of people don’t understand how it works,” said Borg. “Crooks like to take something new that everybody’s heard of, and use that as their way of getting you enticed into a fraud.”

Director of commission, Joseph Borg, warns that people be careful where they invest their money and how because the scam hasn’t changed but what scammers are asking for has.

Highlights

  • All trading websites must be registered with the Alabama Securities Commission to do business in the state. If it isn’t, hold on to your wallet. And if you find a site that seems safe Borg says you can give their office a call.

  • Even if the commission can’t find the person behind the scam, Borg says they will slap a do not trust sign right on the homepage of the scamming site.

The number for the commission is 1-800-222-1253.

“We’ll let him let you know if they’re licensed and registered. And if we even heard of what they’re selling,” said Borg.

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