BBB warns cryptocurrency scams on the rise

JACKSON, Tenn. — Scams related to cryptocurrency jumped from the seventh riskiest scam in 2020 to the second riskiest in 2021, according to the Better Business Bureau’s 2021 Scam Tracker Risk Report.

Due to a lack of education and a fundamental understanding of what cryptocurrency is, it has resulted in a dramatic increase of fraud and financial loss to consumers.

Daniel Irwin, director of public relations and outreach at the BBB says the FTC reported that crypto-related fraud topped $750 million last year.

“The other thing we see in crypto scams is a payment method,” Irwin explained. “So anybody that wants you to pay taxes, pay for goods, pay for a prize or to get a grant with bitcoin or cryptocurrency, that’s going to be a scam every time.”

To find out more information on how you can protect yourself from scams, click here.

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