Cryptocurrency deemed the riskiest scam by Better Business Bureau, causing high losses

Cryptocurrency deemed the riskiest scam by Better Business Bureau, causing high losses

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According to the Better Business Bureau (BBB) ​​Scam TrackerSM results, cryptocurrencies are now the riskiest type of scam.

Julie Wheeler is the president of BBB.

“Cryptocurrency is the latest and greatest thing and everyone thinks they can get rich quick,” said Julie Wheeler, president of BBB. “So obviously that leaves the door open for scammers to take advantage of that. Unfortunately, cryptocurrencies are very complicated and if you don't know what you're doing, you're at high risk of losing, even if you don't get scammed. “

Wheeler said people have been losing quite a bit to these types of scams.

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“Cryptocurrency was the number one riskiest scam. More than 80% of people attacked actually lost money. The average loss was about $4,000,” Wheeler said.

Wheeler said this scam can come in many forms.

“You're looking for emails coming in from strange places, you're looking for requests, it could even be on social media,” Wheeler said.

To avoid these scams, Wheeler recommends doing your research and understanding the intricacies of cryptocurrencies before attempting to purchase them. Wheeler said the second riskiest scam was online shopping sites.

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