As the use of cryptocurrency becomes more widespread, scammers are starting to take notice. Various agencies are seeing a large increase in cryptocurrency scam reports since the COVID-19 pandemic began. The Better Business Bureau wants you to be alert for the red flags.
The danger in dealing with cryptocurrency is that accounts are not backed by a government. When you pay with cryptocurrency, there are no legal protections and payments typically are not reversible. BBB investigator Don O’Brien tells The Big Z you should beware of false earnings claims and “investment managers.”
The Federal Trade Commission reported earlier this year that it received nearly 7,000 complaints about cryptocurrency scams between October 2020 and March 2021 with reported losses of more than $80 million. For more information about Cryptocurrency and Scams, visit the Federal Trade Commission’s website: https://www.consumer.ftc.gov/articles/what-know-about-cryptocurrency-and-scams