(WWLP) – A new report from the Better Business Bureau (BBB) indicates that investment scams, including those involving cryptocurrency, are now the most dangerous kind of scam.
According to the BBB Scam Tracker, more than 80 percent of people targeted by this type of scam lost money. Cryptocurrency and investment scams are the top riskiest for individuals aged 45 and older. Additionally, it had the second-highest median dollar loss of $3,800.
Digital assets (cryptocurrency) are frequently the target of investment scams, including pressure to purchase, trade, or store them with fraudulent exchanges. In 2023, investment and cryptocurrency scams ranked among the ten most risky scams.
To avoid a crypto scam, the Federal TradeCommission recommends the following:
- Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.
- Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money 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 crypto, or asks you to send them crypto, that’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% from the previous year. Scams involving employment were the riskiest for people ages 18-44. Overall, employment scams resulted in a median dollar loss of $1,995, significantly higher than the overall median dollar loss of $100 reported for all scam types combined.
For the first time since 2019, online purchase (shopping) scams have dropped from the top 3 riskiest scam types. A total of 41.9% of scams submitted to BBB Scam Tracker were online purchase scams, and 82.6% of victims reported losing money because of these schemes.
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Kayleigh Thomas is a digital reporter who has been a part of the 22News team since 2022. Follow Kayleigh on X @kayleighcthomas and view her bio to see more of her work.
