The Better Business Bureau (BBB) is warning consumers about a surge in investment scams, particularly those involving cryptocurrency. Con artists often use romance and social media to lure victims into these schemes, preying on the lack of understanding surrounding cryptocurrencies.
The Better Business Bureau has issued a new warning involving investment scams and something people may not be too familiar with -- cryptocurrency.Con artists will often use romance to lure you in – and oftentimes, they use cryptocurrency as well, according to the organization. It’s that layer of confusion that makes it easier for criminals to go undetected, the BBB explained.
In other cases, people sign up after seeing posts about investments on a friend or family member's Facebook page. Unbeknownst to them, those Facebook pages have usually been hacked. "We're seeing a lot with cryptocurrency where they want you to buy investment cryptocurrency because nobody really understands that," said Steve Bernas with the BBB of Chicago and Northern Illinois.Consumers lost more than $4.6 billion to investment scams last year - more than any other scam category, according to the Federal Trade Commission.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.
Investment Scams Cryptocurrency BBB Warning Romance Scams Social Media
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