A new investigation by the BBB has uncovered a dramatic increase in reported investment scams, with losses related to fake investment opportunities.
FILE - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. Bitcoin and other cryptocurrencies were collapsing in price Monday, June, 13, 2022 after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions." It is the second collapse of a part of the crypto world in the last two months.
The latest reports to the BBB indicate that investment scams often take the form of long-term confidence scams. Fraudsters fabricate relationships with victims—either romantically or as investment mentors—to gain their trust. This approach has led to a significant increase in losses."Since the beginning of the year, we’ve received 32 investment scam reports from Washington, totaling over $1.9 million in losses. Most of these involve crypto," Nakashima said.
Watch out for "too-good-to-be-true" offers. If an investment opportunity promises you can't lose money or guarantees unusually high returns, those are red flags. "These crypto and investment scams usually start online on social media and dating apps. If someone you don’t know reaches out to you offering investment advice, you should block them and report them as a scam account," Nakashima said.
Investment Scams Better Business Bureau Losses Fraudsters Red Flags Washington Scam Reports
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Alabama BBB warns about political scams on the riseAs election season intensifies, the South Alabama Better Business Bureau says fraudulent political schemes are becoming more common.
Read more »
BBB warns college students of targeted scams as fall semester beginsThis month college students returned to campuses across the country, and as they get back into the swing of being in the classroom they may be looking at schola
Read more »
BBB talks importance of document disposal ahead of shredding event with WSFABetter Business Bureau Vice President Monde Donaldson says it’s important to safely dispose of sensitive documents so you don’t fall victim to identity theft.
Read more »
BBB warns of 'click the link' scam targeting football fansBates says before you click on a live stream link, check and make sure the game you’re looking for isn’t already being streamed through a credible school affiliated source.
Read more »
Nanoplastics have potential to cross blood-brain barrier, study revealsA new study published in the journal Nano Today reveals that nanoplastics, which are tiny plastic particles less than 1 micrometer in size, may cross the blood-brain barrier (BBB).
Read more »
Fake rental listings in Houston: Is your house being used by thieves?A Houston homeowner is raising awareness about rental scams after her home was listed online for rent without her permission, highlighting a rise in such scams in the city.
Read more »