The latest report from the Better Business Bureau unveils a troubling uptick in scams across Connecticut and the nation at large. In Connecticut alone, a staggering 762 scams were reported, resulting in cumulative losses exceeding $1 million. What’s particularly concerning is the evolving nature of these scams, with cryptocurrency-related fraud now taking center stage, surpassing previously dominant forms such as online shopping scams.
According to Kristen Johnson, communications director for the Better Business Bureau of Connecticut, these scams disproportionately impact older individuals, who often find themselves enticed by promises of lucrative returns on investments. As retirement looms, financial insecurity may lead individuals to seek quick-fix solutions, making them vulnerable to deceptive schemes.
The average loss from investment and cryptocurrency scams in Connecticut stands at over $8,000 per victim. Johnson underscores the importance of thorough research before engaging with companies or individuals, urging individuals to scrutinize potential investment opportunities to identify red flags indicative of fraudulent activity. Reporting instances of scamming to the Better Business Bureau’s Scam Tracker can play a crucial role in preventing others from falling victim to similar ploys.
While social media platforms have become increasingly popular avenues for scammers, Johnson highlights that online surveys and interactions with various websites can also expose individuals to risk. Even seemingly innocuous actions, such as sharing personal information with favorite online retailers, can inadvertently provide fodder for scammers.
To mitigate the risk of falling victim to scams, Johnson advises individuals to regularly monitor the dissemination of their personal information by websites they frequent. Taking proactive steps to safeguard personal data can help minimize exposure to potential scams. However, Johnson acknowledges the inherent challenge of retracting personal information once it’s been disseminated online, emphasizing the importance of preemptive measures to mitigate risk.