Rising Scams Using Fake Celebrity Endorsements and Cryptocurrency: How to Spot and Protect Your Money

Understanding the Scam Landscape

Fraud losses reported in 2025 reached approximately $16 billion, the highest amount on record and about 25% higher than in 2024. One of the fastest-growing schemes involves fake celebrity endorsements to promote fraudulent investment opportunities. Fraudsters use major social media platforms with stolen or fabricated celebrity images to lure people into bogus investment schemes designed to steal personal information rather than generate real returns.

Three categories of scams are gaining particular attention: cryptocurrency scams, QR code scams ("quishing"), and celebrity investment frauds. These schemes often appear more legitimate because they leverage trusted symbols, payment methods, and familiar faces.

How Crypto and QR Code Scams Work

Cryptocurrency Scams Cryptocurrency scams frequently target seniors by pressuring them to send money through crypto ATMs. In one common version, scammers spoof a bank's phone number and call claiming there is unauthorized account activity. They request sensitive information such as Social Security numbers or one-time passcodes, then claim a representative will visit to retrieve the victim's debit card.

Once criminals obtain a debit card, they use crypto ATMs to convert U.S. dollars into cryptocurrency and deposit it into a crypto wallet where it becomes untraceable. Unlike traditional wire transfers, cryptocurrency transfers are nearly impossible to reverse once sent. The money is effectively gone for good.

QR Code Scams ("Quishing") QR code fraud makes something fake appear legitimate by placing fraudulent codes in public areas—including parking lots at large events—sometimes by taping a false code over a legitimate one. When scanned, the fake code directs users to look-alike payment pages or phishing sites designed to capture sensitive information or facilitate unauthorized transactions.

Celebrity Investment Scams These typically promise easy money through investment opportunities, especially on social media. Scammers use stolen or fabricated images of well-known celebrities or influencers to make bogus opportunities appear credible.

How to Spot Scams

Verify Your Information Source The first step is determining where information is coming from. Even if you see an ad, trace the actual source. Confirm information through a trusted phone number or official website by contacting the organization directly. For unfamiliar businesses, conduct an internet search to verify legitimacy and good standing.

Be aware that scammers can replicate social media pages from legitimate companies with only minor changes to names or branding. Maintain 100% skepticism about anything on social media.

Watch for Red Flags

• Urgent or threatening language: Legitimate organizations don't pressure you into immediate decisions
• Unsolicited contact: Be cautious about unexpected calls, texts, or emails
• Caller ID spoofing: Scammers can fake phone numbers, email addresses, webpages, and brand logos
• Requests for unconventional payments: Gift cards, cryptocurrency, wire transfers, or peer-to-peer transfers to unknown recipients are major warning signs
• Demands for sensitive information: Legitimate companies won't request passwords, one-time passcodes, or full card details unless you initiated contact

Check Links and Websites Before entering payment details or personal information after scanning a QR code, verify the website is legitimate and matches what you expect. Ensure you're not downloading malicious software or providing unusual personal information like Social Security numbers or passwords.

Protective Measures

Secure Your Accounts and Devices

• Enable multi-factor authentication on all accounts
• Use strong, unique passwords for each account
• Keep devices and applications updated with the latest security patches

Pause Before Acting Take time to verify requests independently. Contact organizations directly using phone numbers or websites you know to be legitimate. Never rely solely on contact information provided in an unsolicited message.

Share Information and Talk Openly Fraud prevention requires ongoing awareness as new scams emerge daily. Discussing fraud openly reduces shame and helps others recognize warning signs. By sharing experiences, you may help prevent friends and family from falling victim to similar schemes.

Where to Report Scams

If you believe you've been targeted by a scam, report it to the Federal Trade Commission (FTC) and your financial institution immediately. The faster you report, the better your chances of preventing further damage.