Woman, 80, loses $720,000 in savings due to crypto scam 'at my age, I do not have a second chance'
LOS ANGELOS -- Scams are growing and people are losing more and more money. A new report from the Better Business Bureau (BBB), shows losses increased 27 percent in 2023.
One 80-year-old woman, Alice Lin, said she was suicidal after losing $720,000 in savings to a crypto scam.
"I was in shock," Lin said, " and I was thinking to kill myself."
The BBB's Melanie McGovern says in a crypto scam victims are often approached on social media. That's how Lin met her scammer.
The report says the riskiest scams in 2023 were cryptocurrency and other investment scams, and online purchasing scams.
"With cryptocurrency, a lot of people still aren't familiar with it. They're told that they're going to get big returns and make a lot of money," said McGovern.
The BBB says it's important to investigate any potential crypto investment. Look at online reviews, check to see if the company has a bbb rating and be skeptical of any investor that asks you to bring in more people.