Categories: Crypto

Cryptocurrency Scams Surge in Houston: How to Protect Yourself

Scams involving cryptocurrency are on a dramatic rise, and Houston is no exception. If you’ve got a phone, an email account, or any form of digital footprint, chances are you’ve had a brush with these scam attempts. The culprits? Cryptocurrencies like Bitcoin, the digital Wild West of finance that criminals love for its speed and anonymity.

Lieutenant Abraham Alanis of the Harris County Sheriff’s Office sees it every day. People get calls from fraudsters claiming to be law enforcement officers with a warning: “You’ve got a warrant out for your arrest.” The alleged crime? Missing jury duty. It sounds plausible enough to make you panic, but this scam is a high-stakes con.

The scammers, experts in fakery, often spoof phone numbers to make it look like they’re calling from a legitimate government office. They’ll even use real names from law enforcement directories to amp up the realism. And here’s the kicker: they demand payment to “settle the issue,” usually in Bitcoin, which is as traceable as a shadow on a moonless night.

Once you’ve sent the Bitcoin, it’s as if it evaporates. The funds zip around from account to account until they’re essentially untraceable. Lt. Alanis puts it plainly: “Once it goes into bitcoin, it could be transferred from location to location very quickly, and then it’s pretty much gone.”

Houston is seeing an alarming surge in these crimes. One man lost $800,000 in a romance scam where cryptocurrency was used as the fraudulent currency of choice. And Houston’s not alone. The FBI reports that in 2023, cryptocurrency scams cost Americans a staggering $5.6 billion, with Texas alone accounting for over $411 million in losses.

So what can you do? If someone calls you out of the blue with this type of demand, take a breath. Don’t let the panic set in. “Take a step back. Don’t rush to do anything,” advises Lt. Alanis. Hang up the phone, do some research, and call the agency back on a verified number. If it’s a scam, you’ve dodged a bullet. If not, well, at least you’ll know you’re on solid ground.

James

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