This surge in scams is largely attributed to the lack of financial and technical literacy among potential victims.

The PSP recommends that potential investors ask detailed questions about investments and be vigilant against unsolicited contacts offering 'dream investments'.

Once victims invest, they are misled by fake digital platforms that show their investments but do not provide actual access to their digital wallets, leading to total financial loss.

Additionally, individuals should avoid clicking on unknown links and report any suspected scams, whether they are victims or witnesses.

Cybercrime serves as the primary platform for these scams, as cryptocurrency investments are predominantly promoted and executed online.

The PSP encourages everyone to report any knowledge of these scams to help combat the growing issue.

The PSP has issued a warning about the rising scams related to cryptocurrency investments, emphasizing the need for increased awareness and education to combat these frauds.

Scammers often lure victims with promises of high returns in a short time, claiming 'zero risk' and requiring upfront payments in cryptocurrency.

These fraudsters frequently impersonate public figures, such as athletes and entertainers, using fraudulent links sent through text messages, emails, or messaging apps like WhatsApp and Telegram.

To protect themselves, individuals are advised to research licensed companies, use only accredited websites, and remain skeptical of offers promising high profits with little risk.

Common cryptocurrencies involved in these scams include Bitcoin, Ethereum, Litecoin, Monero, and Solana, which can be purchased through various exchanges, applications, and ATMs.

As the popularity of cryptocurrencies rises, so does the risk of falling victim to these scams, highlighting the importance of education and awareness.