As the use of cryptocurrencies becomes widespread, scammers are beginning to take notice. Several agencies are seeing a large increase in reports of cryptocurrency scams since the COVID-19 pandemic began. Better Business Bureau wants you to be on the lookout for red flags.
The danger of dealing with cryptocurrencies is that the accounts are not backed by a government. When you pay with cryptocurrencies, there are no legal protections and payments are generally not reversible. BBB investigator Don O'Brien tells The Big Z to watch out for false earnings statements and "investment managers."
The Federal Trade Commission reported earlier this year that it received nearly 7,000 complaints about cryptocurrency scams between October 2020 and March 2021 with reported losses of more than $ 80 million. For more information on cryptocurrencies and scams, visit the Federal Trade Commission website: https://www.consumer.ftc.gov/articles/what-know-about-cryptocurrency-and-scams
