Kenyans are urged to exercise caution when investing in cryptocurrency, as Director of Criminal Investigations (DCI) Mohamed Amin has issued a red alert regarding a sharp rise in online scams.

Mr Amin noted that there are ongoing investigations into fraudulent online platforms promising high returns on cryptocurrency investments.

“Lured by enticing SMS messages offering “easy money,” unsuspecting individuals invest and lose their hard-earned cash. We are currently investigating several such cases where investors who fell for the scam are crying foul,” The Star reported.

These scams typically employ tactics like: Deceptive SMS messages with promises of quick wealth and links to join fake investment platforms; False promises of high profit, guaranteeing unrealistic returns to exploit greed and encourage hasty decisions and lack of transparency where there is no clear information about the platform, its operators, or investment processes.

The DCI urges Kenyans to be wary of unsolicited investment offers and not blindly trust SMS messages or online promotions, to conduct thorough due diligence by researching about the platform, its legitimacy, and any regulatory approvals.

Also, Kenyans are urged to verify with authorities through consulting the Capital Markets Authority (CMA) and Communication Authority (CA) for platform verification.

Also, if you encounter suspicious activity or have information about such scams, report it immediately to the DCI toll-free hotline: 0800722203.