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Cryptocurrency among top riskiest scams in the U.S.

Better Business Bureau

Cryptocurrency is becoming more and more popular. With that comes the possibility of people looking to take advantage of the new money system. Officials with the Better Business Bureau have released the 2021 BBB Scam Tracker Risk Report. Scams related to cryptocurrency went from seventh riskiest in 2020 to second riskiest in 2021. Heather Clary is with the Better Business Bureau of Central and Eastern Kentucky.

“They turned out to be riskier because 66% of those that were targeted by this lost money. And they lost more money than other methods where they pay, which is why it jumped up so high. An average dollar loss of 12 hundred dollars,” said Clary.

There are aspects of cryptocurrency which complicate recovery. Clary said it’s digital, un-tangible, and widely unregulated. The BBB official noted anybody of any age can be a victim of scamming. Clary said employment scams remain in the top five.

“They slipped down a little bit overall on the scam tracker risk index. Maybe it’s because more folks are getting back to work, but they’re still out there,” said Clary.

Clary noted the Lexington office gets contacted every day about online purchase scams. She added the other prominent cons fall into the categories of home improvements and investments.

To Read the Scam Tracker report: https://www.bbbmarketplacetrust.org/riskreport

To report a scam to BBB Scam Tracker: www.bbb.org/scamtracker

Stu has been reporting for WEKU for more than 35 years. His primary beat is Lexington/Fayette government.
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