Are Crypto-Related Frauds Prevalent Because Crypto Is Confusing? Bryan Oglesby Thinks So

A spokesperson for BBB thinks that digital assets are quite confusing, which leads to fraud in the industry.

He expresses that attackers are making use of social media platforms to carry out the thefts of digital funds from their targets.

BBB earlier released a report disclosing crypto frauds to be the second most common now.

Bryan Oglesby, a spokesperson for the Better Business Bureau (BBB), has recently highlighted his thoughts regarding the crypto industry.

According to him, crypto is quite confusing for a lot of people. And this is a reason why crypto has become a powerful tool in the constant fraud attempts that are prevalent in the financial space. As there is this confusion, the attackers see this as an opportunity to take advantage of the consumers.

Attackers Target People Via Social Media Platforms

Earlier, the BBB released a report citing that frauds related to crypto have become extremely dangerous and the second most common worldwide. And that they tend to carry out thefts and get more money from individuals. The report further claimed that folks who get trapped in these frauds lose at least $1,000 on an average.

Furthermore, Oglesby highlights that several attackers are utilizing Facebook messenger and Instagram to carry out the thefts of digital funds from their targets. They also disguise themselves as friends or family members and connect online, further convincing the target to invest in a phony crypto product.

And folks, being quite interested in the profits, invest their money. And it’s quite a usual practice that once they try to make a withdrawal, they are asked for a greater amount of money. He highlighted that this is the primary way the attackers are using.

The BBB spokesperson also noted that transactions are not reversible with Bitcoin (BTC). And it isn’t easy to trace the money. And that when it is a case of fraud, it is really hard to track the attacker as they are usually overseas.

It is not a hidden fact that the crypto space and even the related concepts Metaverse, NFTs, etc., are not free from fraud and illicit activities. Still, this is also true that Bitcoin and other altcoins have made their considerable position in the finance industry globally.

These issues seem inevitable, and the bad actors would always try to crawl over the space anyway. One thing the folks can do is identify the threat and eliminate it before the crawler finds it.