LAS VEGAS (FOX5) — Few people would turn down the chance to make a lot of money fast, which is likely why investment scams continue to top the list of most common cybercrimes.
Last year, more than 80% of the scams reported to the Better Business Bureau involved investments, particularly those involving cryptocurrency. The BBB says the average victim lost about $5,000 to these types of crimes. Scammers typically contact them most frequently through social media, website ads, or email.
These types of scams can take weeks or even months to pull off.
Cybercriminals will contact you, then work to build a relationship and gain your trust. Eventually, they’ll offer you access to an insider opportunity and invite you to make a small investment. You’ll likely see almost immediate returns, which encourages you to put in even more money. Your account will appear to grow daily, until one day your advisor, the platform they used, and all your money disappear.
The BBB warns to never invest money with someone you’ve never met in person. Always thoroughly research any “opportunities” or businesses in which you plan to invest. Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) can help you check out a broker or investment counselor.
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