Cryptocurrency Scams

With a lack of understanding of how the ever-changing world of cryptocurrency works, more and more people are getting scammed out of thousands. The Better Business Bureau has conducted a cryptocurrency fraud study and found that scams are on the rise, and BBB reports received about fraudulent activity involving cryptocurrency have tripled in the last three years. Victims can lose thousands of dollars, usually around six figures. Steve Baker, a Better Business Bureau investigator explains some of the misconceptions when it comes to crypto scams.

Most scammers will reach out through social media. Fake websites, fake dating profiles, and even people posing as social media friends or celebrities can be used to scam people.

Some tips to avoid cryptocurrency scams: look carefully at email addresses and website addresses, do not pay for products with cryptocurrency, Be careful about claims made on social media, and if you’ve been a victim, make sure to seek support. For more information, and to read the full study, go to BBB.org/cryptoscams.