{"id":2616,"date":"2022-03-15T12:21:24","date_gmt":"2022-03-15T12:21:24","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2616"},"modified":"2022-03-15T12:21:25","modified_gmt":"2022-03-15T12:21:25","slug":"better-business-bureau-warns-about-cryptocurrency-bbb-ranks-crypto-scams-second-riskiest","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2616","title":{"rendered":"Better Business Bureau Warns About Cryptocurrency \u2014 BBB Ranks Crypto Scams Second Riskiest"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that \u201cPayment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.\u201d<br \/><\/strong><\/p>\n<h2>BBB Sees Rising Crypto Scams<\/h2>\n<p>The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. \u201cThis annual report uses data submitted by individuals and businesses to BBB Scam Tracker to shed light on how scams are perpetrated, who is being targeted, which scams have the greatest impact, and much more,\u201d the report explains.<\/p>\n<p>Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust, its website details.<\/p>\n<p>The report states:<\/p>\n<p>Cryptocurrency scams rose from seventh riskiest in 2020 to the second riskiest scam in 2021.<\/p>\n<p>Online purchase scams maintained the top position as the riskiest, accounting for 37.4% of all scams reported to BBB Scam Tracker in 2021. Employment scams dropped from second riskiest to third in 2021.<\/p>\n<p>Better Business Bureau\u2019s top three riskiest scams. Source: BBB<\/p>\n<p>\u201cAlthough cryptocurrency scams made up only 1.9% of the scams reported to BBB Scam Tracker, the median dollar loss was $1,200, much higher than the overall median dollar loss of $169. More than 66% of people reported losing money when targeted by this scam type,\u201d the report details.<\/p>\n<p>\u201cWe received many reports of people being targeted on a variety of social media platforms by scammers offering to help them invest in bitcoin,\u201d the BBB revealed, elaborating:<\/p>\n<p>Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.<\/p>\n<p>\u201cScammers shift their tactics constantly and appear to have expanded their use of cryptocurrency to perpetrate fraud,\u201d said Melissa Lanning Trumpower, executive director of the BBB Institute for Marketplace Trust, which produced the report.<\/p>\n<p>The Better Business Bureau\u2019s report also offers some tips to avoid cryptocurrency scams. Firstly, consumers should be wary of anyone offering to make them quick money with little risk. Secondly, \u201cscammers could pretend to be your friend on social media by hacking into their accounts,\u201d the report describes.<\/p>\n<p>The BBB also advised to never use an online payment system to pay somebody you don\u2019t know, and always verify if somebody is a broker by checking their information on the Financial Industry Regulatory Authority (FINRA) website.<\/p>\n<p><em><strong>What do you think about the BBB ranking crypto scams as the second riskiest? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/better-business-bureau-warns-cryptocurrency-bbb-ranks-crypto-scams-second-riskiest\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that \u201cPayment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.\u201d BBB Sees Rising Crypto Scams The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2616"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2616\/revisions"}],"predecessor-version":[{"id":2618,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2616\/revisions\/2618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2617"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}