Better Business Bureau warns about rising investment, cryptocurrency scams

Texas (KXII) – The Better Business Bureau says investment and cryptocurrency scams are on the rise, along with the amount they’re taking.

Monica Horton with the BBB said these scammers often play the long game to gain trust.

“They are developing a friendly relationship with someone over the course of several months,” she said.

Then they use that trust to convince victims into “investing” their money into something like the stock market or cryptocurrency.

“It’s a pretty involved scam where they are setting up these great looking platforms where you can watch your money grow,” Horton said.

Unfortunately for the victims, it’s just a facade.

“You start out small, but you keep on sending money,” Horton said. “So when it comes time to withdraw is when people realize that they have been scammed.”

That increased trust is increasing the amount the scammers are able to take as well.

“The average loss in 2020 was around $1,000, we have seen that increase recently to $6,000,” Horton said. “We have heard from a victim who was out $138,000.”

It’s not just older folks being taken advantage of either.

“Cryptocurrency investment scams are in the top three targeting the 18 to 24 demographic,” Horton said.

Horton said that always beware of strangers online and if it sounds too good to be true, it usually is.

“They’re making promises of guaranteed returns on your investment, that should be a red flag,” she said. “Just beware of anybody that really tries to befriend you.”

She said that prevention is key because once the money is gone, it’s usually gone for good.

“In this particular situation, there’s not a whole lot that can be done because you’ve typically sent your money outside the United States,” Horton said.

Scams can be reported to to the BBB Scam Tracker.

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