Protect your Bitcoin: BBB offers tips for avoiding cryptocurrency scams – News-Leader

A new study on cryptocurrency scams from the Better Business Bureau concluded that a lack of regulation and consumer education has resulted in a dramatic increase in fraud and financial losses.

Cryptocurrency, like Bitcoin and Ethereum, is a form of digital money that enables users to send and receive payments online. Although it might be the wave of the future, BBB warns people to take steps to protect their investments.

BBB’s study says reports of fraudulent activity involving cryptocurrency have tripled in the past three years.

The FBI’s Internet Crime Complaint Center (IC3) received 35,229 complaints in which victims used cryptocurrency in 2020, with reported losses of $246 million, a 64 percent increase from 2019.

And in 2021, cryptocurrency scams trailed only bank-to-bank wire transfers as the highest number for losses reported to the Federal Trade Commission at $750 million.

Thieves are using tactics like romance scams and fake celebrity endorsements to bilk people out of…

Read Full Story: https://www.news-leader.com/story/news/2022/03/29/protect-your-bitcoin-bbb-offers-tips-avoid-cryptocurrency-scams/7153383001/

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