Mon, Mar 7th 2022 12:10 pm
Online purchase scams remain #1 riskiest
By the Better Business Bureau
Scams related to cryptocurrency jumped from the seventh-riskiest scam in 2020 to the second-riskiest in 2021, according to the 2021 BBB Scam Tracker Risk Report, released Monday. Although cryptocurrency scams made up only 1.9% of the scams reported to BBB Scam Tracker in 2021, the average reported median dollar loss reported for these scams was $1,200, much higher than the overall median dollar loss of $169 for all scam types. The annual report analyzes scams reported to the Better Business Bureau.
Online purchase scams maintained the top spot as the riskiest; this scam type made up 37.4% of all scams reported to BBB Scam Tracker in 2021, with 74.9% reporting a monetary loss. Employment scams dropped in 2021, from second-riskiest to third. The susceptibility and median dollar loss of this scam type dropped slightly, while the number of reported scams increased from 7.1% in 2020 to 7.8% in 2021.
While susceptibility (the percentage of people who lose money when targeted by a scam) decreased in 2021, the median dollar loss rose 47%. Credit cards remained the highest reported payment method with a monetary loss, followed by online payment systems. Payment made via cryptocurrency resulted in a monetary loss more than doubled from 2020. The payment methods with the highest median dollar loss were wire transfer ($1,450), cryptocurrency ($1,200), check ($900) and prepaid card…
