Cryptocurrencty scams rising as market continues to fall – KSNB

HASTINGS, Neb. (KSNB) – If you’ve been watching the numbers on Wall Street, you’ve seen the fall just like anyone else. However, one thing that isn’t falling is the amount of scams surrounding cryptocurrency.

From Bitcoin to Dogecoin and everything in between, scammers are preying on people who are throwing money at crypto because it’s the newest fad in investing. Josh Planos, Public Relations Director for the BBB, says those a little bit more loose with their money may never see it come back.

”Reports of fraudulent activity involving cryptocurrency have tripled in the past three years and the scams are now a billion dollar industry,” Planos said. “Many consider it to be the front lines of the scammer community. Last year they were the 2nd riskiest scam type as identified by our ScamTracker.”

Not surprisingly, scammers are looking to take advantage of people who are investing, but are naive to the cryptocurrency world.

”Most seem to capitalize on the complexity of the subject matter,” Planos said. “We’re talking about lines of computer code, and frankly a lot of folks just see this as another opportunity to invest in something that they really don’t have a technical background with regard to, and because of that it’s really easy for a scammer to sweep in and offer a great return on investment without exactly having a legitimate coin.”

As for how to protect yourself, Planos says it’s just like you would with actual money.

”Guard your wallet,” Planos said. “Just like a physical wallet, you want to keep that digital one safe. A wallet stores your private keys, it keeps your cryptocurrency safe and accessible, but it also allows you to send, receive and spend your cryptocurrency, but of course when a wallet is compromised, it’s just about the worst thing that can happen to you as a cryptocurrency investor.”

Copyright 2022 KSNB. All rights reserved.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.