Cryptocurrency is a virtual currency barricaded by encryption. And this cryptocurrency has become one of the latest trends in digital marketing. The encryption makes it almost unimaginable to counterfeit or disburses a digital token more than once.
Bitcoin is one of the biggest varieties of cryptocurrency. Although it is encrypted, the Better Business Bureau says it is not regulated.
Bryan Oglesby, a spokesman for the Better Business Bureau serving West Florida said, “Cryptocurrency is very confusing to a lot of consumers,”. he also added that there is confusion and the scammers take this as a chance to take advantage of consumers.
He states that scammers are utilizing messaging apps like Facebook Messenger or your Instagram inbox to steal money.
They will pose as a friend or family member, send a friend request, then invite you to invest in a phony crypto derivative.
In Manatee County, one person registered a complaint of losing $550 after someone hacked into their Facebook Messenger and Instagram and shared “scams for bitcoin,” they said. It was reported to the Better Business Bureau scam tracker on April 4.
“Transactions are not reversible with Bitcoin. It’s hard to trace the money. When it’s a scam, the scammer is usually overseas and it’s hard to track them down,” Oglesby said.