The Commodity Futures Trading Commission’s Office of Customer Education and Outreach recently issued a customer advisory alerting messaging app users to be aware of defrauding schemes.
The default settings of Telegram, WhatsApp, and other popular messaging apps allow scammers to add random or targeted phone numbers to group chats used for fraudulent activity. Smartphones’ default SMS text settings can also allow for a greater number of spam texts.
Scammers use messaging apps, telephone networks, and mobile devices to lure users into crypto pump-and-dump schemes and other scams.
“People who use these apps may not be familiar with the risks and frauds commonly associated with crypto assets,” Melanie Devoe, Office of Customer Education and Outreach director, said. “Receiving a group message promising 300 percent or 1,000 percent returns with zero risk or getting in on a supposed crypto opportunity can be enticing, but it is best to not engage.”
If an unfamiliar person or number sends a message saying, “You’ve been added to a messaging app’s group chat,” users are urged not to reply, to send the message to junk or forward it to 7726, block the senders, and delete the message.
Users also are urged to change their privacy settings.