Crypto scams are the second most common form of fraud

According to a study by NGO The Better Business Bureau , crypto scams have been the second most common form of consumer fraud in 2021. In 2020 they still ranked 7th.

Overall, crypto scams accounted for almost two percent of all fraud attempts in 2021. The median average loss among consumers was $1,200. For other scams, it is $169.

People between the ages of 25 and 64 are most commonly affected. Two thirds of the victims are women.

The study showed that scammers often hack social media accounts and invite the person's friends to the scams.

The North American Securities Administrators Association issued a warning on Jan. 10, saying crypto scams are the biggest consumer fraud threat of 2022.

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