According to Bryan Oglesby, a spokesperson for the Better Business Bureau (BBB), in a recent statement, cryptocurrencies are very confusing for many consumers. Because of these confusions, scammers use this as an opportunity to take advantage of consumers.
Not long ago, the BBB released a report claiming that cryptocurrency scams have become very dangerous and are now the second largest scam in the world. Also, they tend to steal more money from individuals.
While traditional scams often result in losses of a few hundred dollars, people who fall victim to cryptocurrency scams typically lose at least $1,000 on average. Oglesby also said that many scammers and fraudsters are using platforms like Facebook Messenger and Instagram to steal digital money from their targets.
They often pose as family members or known friends and send requests to meet and connect online. After some time, the person will tell the victim to invest in a fake cryptocurrency product. This is usually a product controlled by scammers.
