Business

BBB Scam Tracker Risk report reveals cryptocurrency as the second riskiest scam

Two years ago, cryptocurrency
the scams were just emerging as a problem on BBB Scam Tracker. the Better Business Bureau added cryptocurrency as a scam category
in 2019, and it went on to the second most risky scam, according to the latest BBB
report, New
Risks and emerging technologies: risk report 2019 BBB Scam Tracker ((BBB.org/RiskReport).

Although the scams at work
remained the riskiest for the second consecutive year, the surprise of the data
was the second largest cryptocurrency, with a median loss of $ 3,000. the
report is based on data provided by consumers to BBB Scam Tracker^SM ((BBB.org/ScamTracker) and is based on the BBB Risk Index, a
unique algorithm that calculates exposure, sensitivity and monetary losses
offer a more accurate assessment of the risk of scam.

The crooks take advantage of the most recent
technologies and changes in the market, said Melissa Lanning Trumpower,
Executive Director of the BBB Institute for Marketplace Trust, which produced
The report. Cryptocurrency scams rose to second riskiest scam in 2019
that scammers have taken advantage of consumers looking to take advantage of these new
digital assets. Unfortunately, the hype and heightened emotion can sometimes
prevent consumers from exercising due diligence in investigating offers and
swap sites before making a purchase.

Cryptocurrency scams happen when
virtual parts are purchased, exchanged or stored with a person or
exchange site that turns out to be fraudulent. Sometimes these digital assets
are purchased as part of an initial offer of fraudulent coins (ICO), in which
investors are swindled to pay money or trade digital assets for a business
or a product that never materializes.

According to the risk report,
68.5% of people who reported a cryptocurrency scam lost money, and almost
one third of these losses (31.0%) concerned the cryptocurrency exchange site
C2CX. In addition, 23.4% of individuals said they bought cryptocurrency
an investment opportunity.

Unlike the money stored in a
traditional bank account, which is insured against theft, digital assets such as
because cryptocurrency cannot be recovered and transactions cannot be reversed in
the case of theft or computer hacking.

The scammers are opportunists, said
Trumpower. Whatever it is in the news or what we talk about on social networks, they
see it as an opening. Fraudsters will also impose a
organization or brand.

The ten riskiest scams of 2019
were: employment, cryptocurrency, online purchase, false checks / money orders, ready in advance, romance, habitat improvement, investment, technical support, and travel / vacation / timeshare.

Source: BBB.org

To report a scam, go to
BBB Scam Tracker. To find trustworthy
businesses go to https://www.bbb.org

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