A retired SBI manager recently lost ₹72 lakh in a cryptocurrency scam, a growing issue where fraudsters lure victims through fake investment platforms, impersonation, and high-return promises. Scammers may create convincing websites, impersonate financial institutions, and use phishing to gain sensitive data. To prevent such losses, investors should verify platforms, avoid schemes promising high returns, use secure wallets, and enable two-factor authentication for added security. Given the limited regulation in the crypto market, victims often have minimal recourse, but reporting incidents to cybercrime units can sometimes aid in recovery efforts or help authorities track down fraudsters.