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BBB: New Report Show Cryptocurrency Scams Climbed to 2nd Riskiest

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Making a big jump to almost the head of the pack, cryptocurrency scams went from the 7th most-riskiest scam in 2020 to the second riskiest.

Making a big jump to almost the head of the pack, cryptocurrency scams went from the 7th most-riskiest scam in 2020 to the second riskiest.

That from the Better Business Bureau Serving Western Michigan.

New information from the 2021 BBB scam tracker report show crypto scams made a big jump. Grabbing the number two spot as the riskiest scam.

More than 66% of people who reported falling victim to a cryptocurrency scam to the BBB Scam Tracker, also reported losing money.

“And the reason for that, is because that crypto is still so new, and it’s very unknown to the general public. So when they’re trying to invest or get into crypto currency, unfortunately, they’re falling easily for scams.”

The annual study looks at scam data reported to the BBB Scam Tracker and combines the number of times a scam was reported, how often it resulted in monetary loss and the amount lost to determine the riskiest scams of 2021. In addition to the cryptocurrency scams, the top five also include online purchase scams, which is number on. Employment, home improvement and investment scams round out the rest.

Grevious adds the new report also revealed Amazon being the number one brand impersonated by scammers. And while losing money remains one of the biggest concerns, the report showed consumers, more than 44-percent, lost confidence and peace of mind due to the emotional impact of being targeted by a scam.

If you’ve fallen victim to any of the scams, you can report it at bbb.org/scamtracker.