Recently, the non-profit organization BBB released the 2019 edition of its Scam Tracker Report. According to this report, the cryptocurrency scams are on the rise, therefore, the BBB scam broker has called the cryptocurrency the second riskiest scam. As the report reads:
“Cryptocurrency scams rose to the second riskiest scam in 2019. With a median dollar loss of $3,000, these scams are having a devastating impact on consumers.”
In its Scam broker report of 2018, the BBB Corporation included cryptocurrency only as an option but now according to the scam broker, the crypto scams have risen high. Initially, it was considered as a small subcategory of scams and now it has become the second riskiest scam of the market.
According to the report of BBB scam broker, cryptocurrency scams were tied with romance scams for the highest average losses at $3000. The average amount lost in the year 2018 was $900 and now this number has increased to $3000.
Furthermore, the BBB non-profit organization claims that the scams that were involved in the cryptocurrency purchases are 32% while 23.4 percent of the crypto scams included the crypto assets as an investment opportunity. However, the most surprising discovery of the Better Business Bureau Corporation is that the Chinese cryptocurrency exchange C2CX was involved in 31 percent of the crypto scams.
However, crypto scams were less popular as compared to the online purchasing scams. The reported number of crypto scams to the BBB scam broker is 273 while the number of reported frauds related to the online purchasing is 9,050.
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