Staff Report
HOUSTON, Texas — In a world where technology connects us more than ever, it also opens doors for cunning scammers to exploit trust and steal hard-earned money.
From cryptocurrency traps to heart-wrenching romance scams, the digital landscape has become a hunting ground for fraudsters.
As new schemes emerge and old ones evolve, staying informed is no longer an option — it is a necessity.
A recent report from the Better Business Bureau (BBB) reveals the four most common scams people faced last year. Investment scams involving cryptocurrency remained the riskiest type.
For the first time since the BBB began publishing its reports, romance and friendship scams climbed to the third spot.
The FBI’s Houston division is urging the public to stay alert to these online romance scams, which can be both financially and emotionally devastating.
According to the BBB, investment and romance scams top the list because scammers often engage in financial grooming over weeks or even months. They gain their target’s trust and then persuade them to invest in cryptocurrency.
Initially, the amounts may be small, but as the relationship builds, the scammer pushes the victim to invest more. By the time victims realize the platform is fake, their money is usually gone.
The BBB reports that more than 80% of individuals targeted by investment and cryptocurrency scams — the riskiest category — reported financial losses through the BBB Scam Tracker.
These scams also recorded the second-highest median financial loss, averaging $5,000. Investment scams often involve high-pressure tactics to buy, trade, or store digital assets using fraudulent platforms.
Employment scams ranked as the second most common, making up about 14% of all reported scams and causing a median loss of $1,500.
Romance and friendship scams, now the third riskiest, resulted in the highest median financial loss, with victims losing an average of $6,099.
Online purchase scams dropped to fourth place, accounting for 30.3% of submissions to the BBB Scam Tracker. A staggering 87.5% of those affected reported losing money.
Melissa Lanning, executive director of the BBB Institute for Marketplace Trust, which produced the 2024 BBB Scam Tracker Risk Report, emphasized the growing danger.
“Scammers are investing more time in building relationships with their targets, leading to substantial losses,” she said.
“If someone you meet online offers to help you invest your money, consider it a major warning sign — it is most likely a scam.”
Scammers thrive on silence and secrecy, but awareness is their greatest enemy. By recognizing the red flags and sharing knowledge, we build a shield of protection around ourselves and those we care about.
Remember: if something feels off — whether it is an online “investment opportunity” or a too-good-to-be-true romance — trust your instincts.
Stay alert, stay informed, and most importantly, stay safe.
