Financial Crime World

Cryptocurrency and Financial Crime on the Rise in Guyana: Experts Warn of Scams and Fraudulent Schemes

Guyana has seen a surge in the use of cryptocurrency, but experts are warning that the country is also becoming a hotspot for financial crime. With the anonymity and lack of regulation surrounding cryptocurrencies, scammers are taking advantage of unsuspecting investors.

Investing in Cryptocurrency: What You Need to Know

Before investing in cryptocurrency, it’s essential to be aware of the risks as well as the potential rewards. Here are some tips to help you invest safely:

  • Do thorough research: Research the company behind the product or service and check online reviews, reports, and background information to ensure that the company is legitimate and transparent about its team members, financial backing, physical location, and registration details.
  • Understand the conditions of your purchase and ownership: Understand whether you can easily remove your crypto assets from the platform and how the company secures clients’ funds.

Be Cautious of Aggressive Marketing Tactics

Cryptocurrency purchases should be driven by informed decision-making, not email campaigns, texts, videos, social media posts, or celebrity endorsements. Beware of:

  • Repeated attempts to contact you across different channels: Scammers may try to contact you multiple times through various channels.
  • Incentives to buy before a deadline: Scammers may offer incentives to buy before a deadline to create a sense of urgency.
  • Promises of large returns and financial success: Scammers may promise unrealistic returns or financial success to lure investors.

Avoid Sharing Your Crypto Holdings on Social Media

Experts warn against sharing on social media that you hold crypto or have bought it for the first time, as this can attract unwanted attention from scammers. There are regular reports of promises of high returns if crypto is sent to an address, but in almost every case, these funds are never returned to the owner.

Conclusion

“If something sounds too good to be true, it probably is,” experts caution. With the growing popularity of cryptocurrency in Guyana, investors must be vigilant and take steps to protect themselves from financial crime. Remember:

  • Invest informed: Be aware of the risks as well as the potential rewards.
  • Research thoroughly: Research the company behind the product or service.
  • Be cautious of aggressive marketing tactics: Avoid falling prey to scam emails, texts, videos, social media posts, or celebrity endorsements.
  • Avoid sharing your crypto holdings on social media: Protect yourself from unwanted attention from scammers.