BBB claims investment scams involving cryptocurrency become most risky: How to avoid them

(WWLP) – A new report from the Better Business Bureau (BBB) ​​indicates that investment scams, including those involving cryptocurrency, are now the most dangerous type of scam.

According to BBB Scam Tracker, more than 80 percent of people targeted by this type of scam lost money. Investment and cryptocurrency scams are the riskiest for people 45 and older. Additionally, it had the second-highest average dollar loss of $3,800.

Digital assets (cryptocurrencies) are frequently the target of investment scams, including pressure to purchase, trade or store them through fraudulent exchanges. In 2023, investment and cryptocurrency scams ranked among the top ten riskiest scams.

To avoid a crypto scam, the Federal Trade Commission recommends the following:

  • Only scammers demand payment in cryptocurrency. No legitimate business will require you to send cryptocurrency in advance, either to buy something or to protect your money. That's always a scam.
  • Only scammers will guarantee profits or big profits. Don't trust people who promise you that you can make money quickly and easily in the crypto markets.
  • Never mix online dating and investment advice. If you meet someone on a dating site or app and they want to show you how to invest in cryptocurrency or ask you to send them cryptocurrency, it's a scam.

Reports of employment scams remained the second most common type of scam in 2023. The number of reports increased by 54.2% compared to the previous year. Employment-related scams were the riskiest for people ages 18 to 44. Overall, employment scams resulted in a median dollar loss of $1,995, significantly greater than the overall median loss of $100 reported for all scam types combined.

For the first time since 2019, online shopping scams have fallen from the top 3 riskiest scam types. A total of 41.9% of scams submitted to BBB Scam Tracker were online shopping scams and 82.6% of victims reported losing money to these schemes.

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Kayleigh Thomas is a digital reporter who has been part of the 22News team since 2022. Follow Kayleigh on X @kayleighcthomas and see it Biography to see more of his work.

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