The Better Business Bureau (BBB) says that crypto scams were one of the riskiest types of scams in 2021.
The nonprofit organization that seeks to promote marketplace trust recently released a outlining the methods and impacts of various scams that occurred in North America last year.
The BBB notes that cryptocurrency scams rose from the seventh-riskiest type of scam for consumers in 2020 to the second-riskiest in 2021. Online purchase scams were the riskiest type for consumers last year, according to the report.
“Cryptocurrency scams rose to the second riskiest scam type in 2021 due to a reported increase in both exposure and susceptibility. Although cryptocurrency scams made up only 1.9% of the scams reported to BBB Scam Tracker, the median dollar loss was $1,200, much higher than the overall median dollar loss of $169.
More than 66% of people reported losing money when targeted by this scam type.”
The BBB’s tips for avoiding crypto scams include being wary of anyone offering the chance to make quick money with little risk, watching out for potential hacks of friends’ accounts on social media and avoiding using online payment systems to pay unfamiliar people.
The nonprofit organization also suggests verifying brokers on the Financial Industry Regulatory Authority’s BrokerCheck tool. Potential scams can also be screened via the BBB’s Scam Tracker
