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Escalating Crypto Scams: A Threat to the Industry

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Escalating Crypto Scams: A Threat to the Industry

A Better Business Bureau (BBB) report released recently documents the escalation of scams in the crypto world, a phenomenon not unknown to the sphere and which has largely been responsible for the lack of faith the industry faces many a time.

The scam risk tracker report basically draws attention to the increase in the number of crypto-related scams in 2019. The report cites numerous cases of scams of which one from Arizona is an example where the resident claimed to have been subjected to fraud on investing in crypto.

The Various Traps

The BBB report has also highlighted the dangers of crypto being in the unsafe hands of hackers. Most of the cases of scams that have taken place in the recent past were due to transactions and trade procedures being exposed to hacker attacks.

The report by BBB makes it clear that the internet or e-mail to be precise in employed as the medium to carry out fraudulent activities. The tactic resorted is the usual way of promising significant returns on investments made. Clients and many others who have been prey to such scams have been hoodwinked by emails where they were promised significant returns. 

Following crypto scams through emails of fake offers, two other methods were highlighted by the BBB. One of them is through fraud shopping sites online where netizens were lured to purchase products via schemes and discounts and make payments online.

Another method of robbing people of their money is fake employment offers. Many sites and online platforms, false in nature, came up with fake employment offers and the youths mainly were the targets for this. The risk index in this matter, according to BBB’s report, is 153.6 excluding crypto scams.  In 2019 alone, 273 cases of crypto scams were reported and the BBB has warned about many such prospective risks which can, at large, jeopardize the crypto industry. 

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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