The Better Business Bureau is warning consumers of the latest way scammers are trying to steal your money– cryptocurrency!
Cryptocurrency accounted for the second highest scam losses reported to the Federal Trade Commission last year – with losses totaling more than $750 million.
The total value of the cryptocurrency market more than doubled in one year.
The BBB says along with its increasing popularity comes increasing risks as scammers are finding new ways to steal your money through cryptocurrency.
Experts are pointing to two reasons why.
The first is that cryptocurrency lacks regulation. It does not rely on banks to verify transactions which has created a fertile environment for scams.
The other reason is a lack of consumer education. This has led to thousands of people getting scammed and losing their money.
So what can you do to protect yourself?
A few tips include guarding your wallet, looking carefully at email addresses and do not pay for products with cryptocurrency. No one with the government will ever ask for this form of payment.
Beware of fake recovery companies claiming they can recover stolen money. Be wary of celebrity endorsements. Experts say those endorsements are often not authorized.
Don’t be afraid to seek help and support if you think you are a victim of a scam. Cybercrime Support Network offers a free, confidential support program for romance scam survivors.