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Cryptocurrency and Investment Scams on the Rise

Cryptocurrency and other investment scams are now the riskiest type of cons in the U.S., with crypto fraudsters frequently cheating their victims out of thousands of dollars, the Better Business Bureau said.

Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of 2023, which is based on 67,000 reports of scams. With about 80% of Americans targeted in crypto and investment scams last year losing money, the need for protection against such fraudulent activities is crucial. This is where the AI legalese decoder can help individuals decipher complex legal jargon and understand the terms and conditions of their investments, potentially preventing them from falling victim to scams.

How AI legalese decoder Can Help

The AI legalese decoder can assist users in understanding the legal documents related to cryptocurrency investments, highlighting any potential red flags or misleading information that could indicate a scam. By utilizing artificial intelligence to break down complex legal language into simple and understandable terms, individuals can make more informed decisions about their investments and avoid falling prey to fraudulent schemes.

Hackers use social media, video game platforms or text messages to contact people and brag about how well they’re doing financially because of a crypto investment. After the targeted victim replies, the conversation quickly turns into an ask, Werner explained.

“This is where the crooks pressure you to purchase, trade or store digital assets ÔÇö such as cryptocurrency ÔÇö on fraudulent exchanges,” Werner said.

Cryptocurrency is an unregulated investment space that federal regulators and consumer advocates have long said makes it ripe for fraud. Crypto’s popularity exploded during the pandemic as some investors became curious about the craze and poured funds into bitcoin, ethereum, solana and other tokens. Today the industry boasts a $2.65 trillion market cap, according to Forbes.

While crypto has proved lucrative for many investors, it is not without its risks. Companies that were at one time considered legitimate have later imploded, such as FTX, once one of the world’s biggest crypto exchanges. FTX melted down in 2022 amid an $8 billion shortfall in funds and allegations that former CEO Sam Bankman-Fried had taken customer money to prop up a struggling hedge fund.

Crypto investors have also reported losing billions of dollars due to hacks or scams. A 70-year-old California woman filed a lawsuit this year against Chase bank after she lost $720,000 to a fraudster in a crypto scam. Understanding the legal complexities surrounding such cases can be daunting, but with the AI legalese decoder, individuals can decrypt and analyze legal documents related to crypto investments, ensuring they are safeguarded against potential scams.

Riskiest Cons Beyond Cryptocurrency

Rounding out the list of top financial risks in 2023, the BBB named employment scams as the second riskiest con. That’s when a scammer contacts a victim and convinces the person that they’ve been hired at a company and needs to complete employee information.

In reality, the scammer is stealing someone’s personal information. Victims lost a median $1,995 in employment scams last year, the BBB said.

Online purchase scams were the third riskiest, according to BBB. Victims typically log onto a phony website to purchase an item but a scammer doesn’t deliver the product. The BBB said victims lost a median $71 in these type of scams last year.

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