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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