Investment and Cryptocurrency Scams Riskiest in 2023, According to New BBB Report
March 8, 2024- In general, scams perpetrated online continued to grow, making up 68.4% of all reports. More concerning, online scams were more likely to result in a reported monetary loss than scams perpetrated in person or via phone.
- Overall reported susceptibility (the percentage of reports with a monetary loss) rose 27.8% from 2022 to 2023. Overall reported median dollar loss fell 41.5%.
- For the second year in a row, people ages 18-24 reported the highest median dollar loss of all age groups ($155).
- The percentage of people who reported engaging with a scammer via social media rose 63.8% from 2022 to 2023.
- Credit cards remained the most reported payment method with a monetary loss, followed by bank account debit and online payment system. Reports of bank account debit with a monetary loss increased 66.4%.
- Employment scams were No. 1 riskiest for ages 18-44. Investment/cryptocurrency scams were No. 1 riskiest for ages 45+.
- U.S. Postal Service
- Amazon
- Publishers Clearing House
- Geek Squad
- Norton
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ABOUT BBB RISK INDEX & BBB SCAM TRACKER RISK REPORT
To better understand which scam types pose the highest risk, BBB Institute assesses risk based on the BBB Risk Index: Exposure x Susceptibility (or likelihood of loss) x Monetary Loss. These three factors help us understand the impact of scams and who is most vulnerable. Each year, BBB Institute publishes its annual findings in the BBB Scam Tracker Risk Report. The report also includes survey research conducted with those who reported scams to BBB Scam Tracker. BBB Scam Tracker was voted the Best Scam Fighting Tool by the Global Anti-Scam Alliance and ScamAdviser.com.