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More Alabamians falling victim to cryptocurrency scams


Cryptocurrency scams are on the rise in the state of Alabama according to the Better Business Bureau.

Recent data from the BBB lists these scams as the fourth most prevalent in the state for 2021, which is a rise from seventh place a year prior. Nationally, they rank second.

Alex Derencz is the communications manager for the BBB in central and south Alabama. He said that these scams mostly occur over social media sites. The scammers will often hack an Instagram account and message the account’s contacts so it looks as if a friend is reaching out with information about cryptocurrency.

Derencz warned that if the offer seems too good to be true, it likely is.

“We really want to encourage folks when it comes to cryptocurrency related scams… just to be weary of anyone offering to make you quick money with very little risk,” Derencz said. “That is a huge red flag.”

Derencz also said that all age groups have seen an increase in falling for the scams, but one age group has been affected more than others, both at the state and national level.

“The big one that we saw was the 35-44 [age group],” he said. “They were susceptible to cryptocurrency-related scams more than 50% of the time.“

The BBB’s data shows that the scammers are not within the state of Alabama.

Lacey Alexander is a digital intern for Alabama Public Radio.
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