Study Finds Cryptocurrency Scams Surged 40% in 2020, Forecasts an Increase of...
A new study revealed that cryptocurrency-related scams almost doubled over the last year. However, forecasts are not optimistic going forward, as the report forecasts another significant increase in the number of cases in 2021. Research Scanned Over 300 Million Websites According to the “Cryptocurrency Scam Report” published by fraud prevention company Bolster and shared with Bitcoin.com News, the correlation with the surge of cryptos’ popularity and the coronavirus pandemic boosted the figures of crypto scams in 2020. Bolster analyzed over 300 million websites and found....
Related News
As non-fungible tokens (NFTs) are becoming a global phenomenon increasingly due to their mainstream adoption, there are also concerns about the surge of related scams. A recent study revealed the most common NFT scams that are spreading on the net. Suspicious Domain Registrations With ‘NFT’ Word Surged 250% in March 2021 According to the research conducted by security experts of Bolster, replica stores are on a bullish trend, as the recent figures show a boost in the number of domain registrations. Scammers have been actively setting up replica stores with suspicious-looking....
Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020. Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data. As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year. Based on....
A study by blockchain analytics firm Chainalysis finds that cryptocurrency-related crime has fallen significantly. The criminal share of all crypto activity fell to just 0.34% in 2020. This contradicts recent statements by U.S. Treasury Secretary nominee Janet Yellen and ECB President Christine Lagarde that cryptocurrencies are mostly used for illicit financing. Crypto Crime Plummeted in 2020 Chainalysis shared some findings from its 2021 Crypto Crime Report this week. While acknowledging that “cryptocurrency remains appealing for criminals as well due primarily to its pseudonymous....
The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.”
BBB Sees Rising Crypto Scams
The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. “This annual report uses data submitted by individuals and businesses to BBB Scam Tracker to shed light on how scams are perpetrated, who is being targeted, which scams have the greatest impact, and....
Less than 1% of overall fraud cases relate to cryptocurrency, but that number could be rising in line with Bitcoin and the crypto market's ascension. The United Kingdom Crown Prosecution Service expects to see an increase in the number of Bitcoin (BTC) and cryptocurrency-related scams in the coming years, but admits they are still rather infrequent for the time being.The CPS estimates that 86% of reported fraud is now cyber-related — a situation exacerbated in the past year by the outbreak of COVID-19 which pushed more people online, reports the Financial Times.City of London police....