DIGITAL LIFE

AI drives cryptocurrency theft

In the last two years, Bit2Me has prevented scams totaling €4.4 million (€1.5 million in 2023 and €2.9 million in 2024) and, in the first months of 2025, blocked scams worth €452,000.

Experts from the digital asset platform point out that scams involving cryptocurrency investments have reached worrying levels. In Portugal, following the increase in complaints, the Public Prosecutor's Office warned of the proliferation of fraudulent websites that promise high returns without risk and without any connection to authorized financial intermediaries.

Citing data from Chainalysis, Bit2Me reports that losses caused by cryptocurrency scams will be around US$12.4 billion in 2024. Revenues from romance scams, in particular, increased by 40%, with a 210% increase in deposits into fraudulent accounts.

The use of AI makes these schemes more sophisticated, harder to detect and highly persuasive, experts say. In addition, the use of this technology has made scams more scalable and cheaper for cybercriminals, resulting in a 1,900% increase in revenues for AI-powered fraud service providers.

AI-powered tools allow scammers to create realistic messages, fake profiles, photos and even videos in a matter of seconds. But that’s not the only way the technology is used.

Cybercriminals use AI to collect public social media data, including names, photos, likes, marital status and habits. Deepfakes created using AI are used in combination with automated content to interact with victims.

The messages sent, often generated by chatbots or malicious language models, are personalized. Once they establish connections with victims, scammers begin to manipulate them, asking for money for supposed emergencies or travel in the case of romance scams.

In the case of cryptocurrency scams, victims are redirected to fake platforms or confronted with requests to transfer funds to wallets controlled by criminals.

What can you do to avoid falling for cryptocurrency scams? Bit2Me experts provide a set of important recommendations to help you avoid falling for scams. For example, you should check the legitimacy of the platforms and always use reliable cryptocurrency exchanges and digital wallets.

If you have doubts about a platform, do your research, read user reviews and assess its reputation before making any type of investment or depositing funds.

Credentials are the “key” to your digital assets, which is why you should never share this information. In addition, it is important that you enable two-factor authentication (2FA) to add an extra layer of security.

Bit2Me also recommends that you always remain suspicious of promises of high returns. “Guaranteed profits without risk are a classic sign of fraudulent schemes,” emphasize the platform’s experts.

mundophone