BBB warns of rise in cryptocurrency scams – WIBW

TOPEKA, Kan. (WIBW) – The Better Business Bureau has warned in a rise in scams involving cryptocurrency and has given residents tips to avoid them.

The Better Business Bureau says cryptocurrency is the hottest new trend in investing and much is still not understood about the digital payment system that does not rely on banks to verify transactions. It said this has created the perfect environment for scams according to its latest in-depth study, which states, “A virtual tug of war exists between the legitimate and fraudulent use of cryptocurrency.”

The BBB said the study, titled Cryptocurrency scams: BBB study finds lack of regulation and consumer education results in a dramatic increase in fraud and financial losses, details the many layers of cryptocurrency and the ways criminals have exploited the market to steal from investors and victims of common scams.

“This groundbreaking study sheds light on the latest series of scam trends we’ve monitored,” said BBB President and CEO Jim…

Read Full Story: https://www.wibw.com/2022/03/26/bbb-warns-rise-cryptocurrency-scams/

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