US agency warns users about dangers of messaging apps

The US Commodity Futures Trading Commission (CFTC) warned users of messaging apps to be aware of schemes that aim to defraud them of assets, specifically crypto assets.

“Fraudsters are exploiting the default settings of commonly used messaging apps, telephone networks, and mobile devices to lure users into crypto pump-and-dump schemes and other scams,” it said Thursday in a statement.

The CFTC also informed users of the default settings of WhatsApp, Telegram, and other popular messaging apps, which allow scammers to add random or targeted phone numbers to group chats that are used for fraudulent activity.

“People who use these apps may not be familiar with the risks and frauds commonly associated with crypto assets,” said Melanie Devoe, director of the CFTC’s Office of Customer Education and Outreach. “Receiving a group message promising 300% or 1,000% returns with zero risk or getting in on a supposed crypto opportunity, can be enticing, but it is best to not engage.”