BBB: Releases Riskiest Scams Of 2019 Report
Two years ago, cryptocurrency scams were just emerging as a problem on the Better Business Bureau’s Scam Tracker. They were mostly a subset of investment scams. But once the BBB added cryptocurrency as its own category in 2019, it jumped to the second riskiest scam.
Employment scams remained the riskiest for the second year in a row on the Better Business Bureau’s latest report: New Risks and Emerging Technologies: 2019 BBB Scam Tracker Risk Report. But claiming the second spot for the fist time in their report was cryptocurrency, which came as a bit of a surprise.
“In large part because of the dollar amount lost. The median loss for cryptocurrency scam was three thousand dollars; that’s the highest median lost, tied with romance scams of all the scams we look at at the Better Business Bureau.”
That’s Troy Baker, Director of the Educational Foundation for of the BBB serving Western Michigan.
The BBB says scammers keep a close eye on trends and find ways to take advantage of changes in the marketplace and new technology and look for people they can take advantage of
“So, with cryptocurrency everyone has heard of it, not everyone understands it. So it’s very easy for scammers to explain it to you in a way that’s to their benefit, And they promises of fantastic returns, guaranteed returns, it’s real easy, we’ll just put it in this account. You’ll make millions.”
But Baker says that doesn’t always happen. In fact, according to the Risk Report, 68.5 percent of those that reported a cryptocurrency scam, lost money and 23.4 percent of individuals said they purchased cryptocurrency as an investment opportunity.
Baker says many people do not report a scam due to embarrassment. But he says reporting is the best way to counteract scammers and allow others to be in the know as well and save consumers money
“So, last year, our scam tracker helped save consumers 42-million dollars. That’s people who went to the website with something that they had seen, it was reported, it was a scam, I’m not going to fall for it.”
Baker says you can report any of your scam concerns on their website, at BBB.Org/scamtracker.