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Cryptocurrency Scams Up Ten-Fold, Cost Consumers $80 Mill, Warns FTC
Piggy-backing on the buzz about cryptocurrency investments, crypto scams have proliferated. A new Federal Trade Commission (FTC) report warns of a staggering rise in cryptocurrency scams that have cost consumers a whopping $80 million dollars since October 2020.
Gleaned from almost 7,000 consumer reports made to the agency, the FTC’s “consumer protection data spotlight” outlines some of the trends in crypto fraud. The agency’s data shows there has been a nearly ten-fold increase in such scams, resulting in a median scam loss of $1,900 per consumer—that’s compared to an approximate $400 median fraud loss reported to the FTC.
The scams come in many flavors and varieties, says the FTC. Scammers may lure unwitting victims by a tip on an online message board, by a suggestion made by an online dating acquaintance, or by purporting to represent a government authority. One…
