RATE Group | BBB Scam Tracker Risk Report: Cryptocurrency Surprise
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BBB Scam Tracker Risk Report: Cryptocurrency Surprise

17 Mar BBB Scam Tracker Risk Report: Cryptocurrency Surprise

Posted at 05:49h 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 (BBB.org/RiskReport).

Although employment scams remained the riskiest for the second year in a row, the surprise in the data was cryptocurrency in the #2 spot, with a median dollar loss of $3,000. The report is based on data supplied by consumers to BBB Scam TrackerSM(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…

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