Fraud and scams are nothing new in the world of finance, but with the surge in popularity and usage of digital currencies, they have become the new sector attracting all the fraudsters. This is according to an official at America’s securities watchdog, who described digital currency scams as the “flavor of the year.”

Peter Diskin was speaking at a virtual event on trends in consumer fraud on Wednesday where he delved into the rise of digital currency scams. Diskin is the assistant regional director for the Atlanta office of the U.S. Securities and Exchange Commission.

Diskin noted that this was nothing new and that it was somewhat expected. Criminals always descend on the newest invention and prey on the newbies who lack enough experience to spot the scammers.

He stated, “We see this all the time — that whatever is a popular topic becomes a way for fraudsters to get people’s attention. They say this is something new and profitable while…

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