According to the National Consumers League, 2021 was a banner year for scammers. Losses to fraud hit a 10-year high and cryptocurrency-related deals were one of the fastest-growing scams.
“Cryptocurrency is in many ways the holy grail of payment methods if you’re a scammer,” said John Breyault.at the National Consumers League. He said scammers prefer cryptocurrency because it’s immediate and not reversible.
“I think we’re really reaching a tipping point where regulators here in Washington are starting to wake up to the fact that these new technologies sound great, but fraudsters know how to use them too and it’s costing American consumers billions of dollars,” Breyault said. “Something needs to be done.”
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