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Florida's government issues a warning about crypto warranty fraud

12-Sep-2022 By: Sudeep Saxena
Florida's government

The FDACS bulletin highlighted five warning flags that can help consumers recognise and avoid fraud regardless of how con-artists approach potential victims.

The Florida Department of Agriculture and Consumer Services (FDACS) issued a warning about robocall scammers that solicit victims to pay using gift cards and cryptocurrency and advertise auto warranties.

In response to consumer complaints about the increased frequency of robocall scams, in which con-artists use prerecorded calls to advertise and sell fraudulent services, the Enforcement Bureau issued an order mandating phone providers to stop carrying robocall traffic.

Regardless of how con artists approach potential victims, the FDACS bulletin cited five warning signals of fraud.

Payment Type: The message underlined that if you are asked to pay with a gift card or cryptocurrency, it is a scam, detailing some of the standard payment methods usually recommended by con artists.

No official from the government would ask for personal information like a person's Social Security or credit card numbers, the FDACS emphasised, adding that "Only scammers will require one of those kinds of payments, and once you send the money, you probably won't get it back." The FDACS urged Floridians to refrain from sending cryptocurrency payments.

Although the newsletter emphasised how challenging it would be to locate misappropriated bitcoin funds, numerous companies, including Velodrome and Curve Finance, have been successful in doing so thanks to blockchain technology's irreversible characteristics. US congressman Brad Sherman, a well-known cryptocurrency sceptic, said on September 5 that the industry's rapid development made it impossible to continue to restrict cryptocurrencies.

Sherman is one of the legislators that support strict regulation of cryptocurrencies.

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