RATE Group | BBB cites cryptocurrency among top scams – News – The Independent
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BBB cites cryptocurrency among top scams – News – The Independent

09 Mar BBB cites cryptocurrency among top scams – News – The Independent

Posted at 02:29h in Cryptocurrency News by

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Two years ago, cryptocurrency scams were just emerging as a problem on BBB Scam Tracker, mostly a subset of investment scams. The Better Business Bureau added cryptocurrency as a scam category in 2019 and it leapt to the second riskiest scam, according to the latest BBB report, “New Risks and Emerging Technologies: 2019 BBB Scam Tracker Risk Report.”

Although employment scams remained the riskiest for the second year in a row, the surprise in the data was cryptocurrency in the No. 2 spot, with a median dollar loss of $3,000. The report is based on data supplied by consumers to BBB Scam Tracker SM (BBB.org/ScamTracker) and uses the BBB Risk Index, a unique algorithm that calculates exposure, susceptibility, and monetary loss to offer a more accurate assessment of scam risk.

“Scammers take advantage of newer technologies and changes in the marketplace,” said Melissa Lanning Trumpower, executive director of the BBB Institute for Marketplace Trust, which produced the…

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