Data Spotlight Blog: FTC reporting back to you

May 2021

Cryptocurrency buzz drives record investment scam losses

Investing in cryptocurrency means taking on risks, but getting scammed shouldn’t be one of them. Reports to the FTC’s Consumer Sentinel1 suggest scammers are cashing in on the buzz around cryptocurrency and luring people into bogus investment opportunities in record numbers. Since October 2020, reports have skyrocketed, with nearly 7,000 people reporting losses of more than $80 million on these scams.2 Their reported median loss? $1,900.