Turn To Tara: New scams target digital investors

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Turn To Tara is offering tips to avoid getting scammed when investing digitally.

Bitcoin mania has been sweeping the nation, with stories of people turning a few hundred dollars into millions. 

Brian Rauer, executive director of the Mid-Hudson Chapter of the Better Business Bureau, says con artists are increasingly capitalizing on all the excitement.

“You see businesses cropping up out of the blue,” says Rauer. “They’ll promise you 300 percent interest rates, double or quadruple your money, but what happens is once they steal enough of your money, they walk away.”

Rauer says people should watch out for phony virtual wallets that allow people to deposit their real digital currency but never take it out.

He says a Long Island man gave one of these companies legitimate bitcoin last month, and it cost him $4,000.

Rauer says people should also avoid exchanges that are vulnerable to hackers. Most importantly, he says people should do their homework and check up on businesses they are working with.

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