North America Is The Home Of Crypto Scams
The last couple of years have seen the unexpected rise of crypto related crimes and scams. A recent report published by the Better Business Bureau sheds more light on cryptocurrency scams in North America. The report suggests that crypto-related scams are on the rise, and are growing exponentially, thus making it the second most riskiest venture in North America.
According to the research from the organization, the scams lead to an average loss of around $3,000 for individuals, businesses, and charities in both the U.S and Canada.
The study claims that typical scams follow the same pattern of false promises with the hope of a significant return on investment in a short time.
There has been a massive surge in cases of people falling prey to various scam devices, and strategies according to the study.
Trading on exchanges is one area the study mentions crypto scams are likely to occur. Better Business Bureau report mentions that exchanges are vulnerable to hacks, and as such, they are more susceptible to scams.
The organization considers crypto a risky asset due to the fact that transactions are irreversible in the even of loss, theft or hack.
According to the Better Business Bureau, the major exchange scams in North America is carried out by the crypto exchange company C2CX, which is responsible for more than 30% of the losses.
Other Related Scams
The report focuses on not just cryptocurrency-related scams. While crypto scams come in second place on the risk ranking, Employment-related scams are considered the riskiest in the report.
While there are only 273 cases of crypto scams in 2019, there were more than 9,000 cases of fraudulent online shopping sites.
On the Better Business Bureau ranking, Employment-related scam holds the first position with a risk factor of 153.6, while crypto scams come in second place with a risk factor of 93.8 and fake online stores with 93.6.
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