QUINCY (WGEM) – Cryptocurrency has surged in popularity across the world., but local officials say you should be on the lookout for scams.
In 2021 alone, the Better Business Bureau reported that thousands of complaints were filed about cryptocurrency scams, totaling over $7,000,000 worth of losses.
Some of the newer cryptocurrency scams involve tricking you to make an investment. Scammers promise quick money, ask for more money for consumers to access their investments, and then eventually disappear.
Other scams target consumers by sending them QR codes for a cryptocurrency payment, only to steal that money afterward.
Officials say one of the most unique aspects of these scams is that they target a younger audience.
“We’re seeing a lot of younger people, younger consumers, that are victimized in this. Our BBB Scamtracker showed that the 24-to-35-year-old age group was probably the most susceptible to this scam. We believe that is because they are a little bit more comfortable dealing with, you know, digital technology. They’ve grown up with that,” said Quincy Better Business Bureau regional direct Don O’Brien.
O’Brien said cryptocurrency can be nearly untraceable, so consumers should be careful about deciding to get involved with cryptocurrency.
“It doesn’t have the same protections as if you put your money inside a bank. If a local bank is robbed, that money is insured. The FDIC is going to insure that money. If for some reason you put money into a…
