Cryptocurrency investments have become quite popular in the last few years, and scammers are cashing in on people’s interest in the digital money. 

Highlights:

  • According to the Federal Trade Commission, since October 2020, losses from cryptocurrency investment scams have added up to more than $80 million.
  • People in their 20s and 30s have lost more money on investment scams than on any other type of fraud. 
  • People 50 and older were far less likely to report losing money on cryptocurrency investment scams.
  • The North Dakota Attorney General Consumer Protection Division says, although cryptocurrency scams are relatively new, they have received reports of these scams in the state.

The FTC reports, since October 2020, 7,000 people reported losses to fake cryptocurrency investments, adding up to more than $80 million on these scams. People ages 20-49 were more than five times more likely than other age groups to report losing money on those scams.  

The numbers are especially striking for people in their 20s and 30s: this group reported losing far more money on investment scams than on any other type of fraud,6 and more than half of their reported investment scam losses were in cryptocurrency. The median amount consumers ages 20 to 49 reported losing to the scams was $1,900. Compared to the same period a year earlier, the numbers of scam reports increased twelve times more, and nearly 1,000% more in reported losses, the FTC said. 

People 50 and…

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