KNOXVILLE, Tenn. (WVLT) – Thousands of people fall victim to scams every year nationwide including a new form of scam with cryptocurrency.
Cryptocurrency is a new digital form on money that’s been around for a couple of years.
“We’ve heard reports locally in East Tennessee of $350,000,” Better Business Bureau president Tony Binkley said.
Binkley also said most times scammers will reach out through different ways to people besides phone calls or emails.
“A lot of times these scammers will want to communicate through WhatsApp or some other app. A real company is going to have phone calls and emails. Things like that where you can talk to a real person,” Binkley said.
The Federal Trade Commission reported $110 million was lost to crypto scams last year. They projected it to be worse this year, as $65 million was lost to these scams in the first six months. The median loss to this scam is $10,000, according to the FTC.
The FTC also reported people over the age of 60 were three times more likely to fall victim to a scam than younger adults.
“What we see currently a lot in our community is the gift card scam. You know sending me 15, $20 gift cards or whatever it might be or the BitCoin scam,” Sasha Hammett with the CAC Office of Aging said.
Hammett said people should trust their instincts and do research before paying any money to someone.
“If you’re going to question anything, follow your gut. If it seems too good to be true, do your research. Follow up with who the person allegedly is,” Hammett said.
The Better Business Bureau said these scams can happen to anyone and people need to be aware of them.
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