RATE Group | Cryptocurrency is now second riskiest scam, says BBB Scam Tracker Risk Report
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Cryptocurrency is now second riskiest scam, says BBB Scam Tracker Risk Report

02 Mar Cryptocurrency is now second riskiest scam, says BBB Scam Tracker Risk Report

Posted at 14:39h in Cryptocurrency News by

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Two years ago, cryptocurrency scams were just emerging as a problem on BBB Scam Tracker. 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 is based on 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 report. “Cryptocurrency…

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