Investments, cryptocurrency trading now riskiest scam type: BBB

You probably get phone calls, texts, or emails every day from bad actors looking to scam you out of your money.

The Better Business Bureau’s new report shows about six in 10 people say they lost money to some kind of scam in 2023 — a double-digit increase from 2022.

Neesha Hothi from the bureau says investment and cryptocurrency transactions are the riskiest for scams.

“We’ve all seen it. Whether it’s on social media or email, someone gives you a too-good-to-be-true investment opportunity. You think there’s low risk, high reward, which by the way, there’s no such thing, and so you fall for those,” Hothi explained.

While women fall for scams slightly more often than men, Hothi says, men end up losing more money than women.

“We are falling for scams more often, based on the reports coming into us. The issue is that we have so many new scams and sophisticated scammers, so due diligence is very important,” Hothi said. “[They’re] talking to you for longer, they’re building a relationship — there’s a level of emotional manipulation going on.”

Hothi is urging people not to fall for high-pressure tactics. You should guard your personal information, and don’t make your decisions based on price alone. If it’s too good to be true, it probably is.

“Talk it out with your friends. ‘Hey, I met this person, they’re saying this to me.’ Someone else is going to do that gut check for you and say, ‘Hey, that doesn’t sound right,” she said.

The BBB says almost 70 per cent of all scams are conducted online, with those more likely to “result in a monetary loss” than those done in person or on the phone.

–With files from OMNI News