Investment scams on the rise and losses are growing [Video]

(InvestigateTV) — The Better Business Bureau (BBB) recently reported that the median loss from investment scams has increased from $1,000 in 2021 to $6,000 in 2024.

Melanie McGovern with the BBB said that investment scams tend to tie a lot of different scams together for the end game of stealing money.

She said fraudsters will often impersonate a friend or a potential lover to gain trust, then they will bring up some kind of investment opportunity.

One victim told the BBB that she experienced a cryptocurrency scam on social media after her friend’s social media account was hacked.

“And the more they get you on that emotional hook of either friendship or romantic interest, the more likely we see that people will fall for it and start to give money,” McGovern shared.

She said the scammer will often show fake returns on investment so people are more likely to give more money.

These newer schemes have caused the losses to …