ĭuring this period, nearly four out of every ten dollars reported lost to a fraud originating on social media was lost in crypto, far more than any other payment method. Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform. Reports point to social media and crypto as a combustible combination for fraud. These considerations are not unique to crypto transactions, but they all play into the hands of scammers. And most people are still unfamiliar with how crypto works. Crypto transfers can’t be reversed – once the money’s gone, there’s no getting it back. There’s no bank or other centralized authority to flag suspicious transactions and attempt to stop fraud before it happens. Ĭrypto has several features that are attractive to scammers, which may help to explain why the reported losses in 2021 were nearly sixty times what they were in 2018. The top cryptocurrencies people said they used to pay scammers were Bitcoin (70%), Tether (10%), and Ether (9%). The median individual reported loss? A whopping $2,600. Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method.
Although it’s yet to become a mainstream payment method, reports to the FTC show it’s an alarmingly common method for scammers to get peoples’ money. About the FTC Show/hide About the FTC menu itemsįrom Super Bowl ads to Bitcoin ATMs, cryptocurrency seems to be everywhere lately.News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items.
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