Cryptocurrency scams climbed to second riskiest in 2021, according to BBB report

Scammers shift their tactics constantly and appear to have expanded their use of cryptocurrency to perpetrate fraud. — Scam vector created by katemangostar - www.freepik.com

ARLINGTON: Scams related to cryptocurrency jumped from the seventh riskiest scam in 2020 to second riskiest in 2021, according to the 2021 BBB Scam Tracker Risk Report.

According to a press release, although cryptocurrency scams made up only 1.9% of the scams reported to BBB Scam TrackerSM in 2021, the average reported median dollar loss reported for these scams was US$1,200 (RM5,048), much higher than the overall median dollar loss of US$169 (RM710) for all scam types. The annual report analyses scams reported to the Better Business Bureau.