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Crypto Leads to Massive Surge in Online Scams

Investment-related scams on social media represented 37% of all reported losses, followed by romance scams and online shopping scams.
Crypto leads to massive surge in online scams

Axios

Bogus cryptocurrency investments led to an unprecedented increase in online scams last year, according to new data from the Federal Trade Commission (FTC).

Why it matters: Cryptocurrency is an easy target because while it’s surging in popularity, there’s still a lot of confusion about how it works.

  • This is especially true among younger people who are digitally savvy but less financially literate.
  • People ages 18-to-39 were more than twice as likely to report losing money to social media scams as older adults last year.

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