Americans lose $2M to Elon Musk impersonators in 7 months

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Americans reported losing $2 million to Elon Musk impersonators as cryptocurrency scams grow, according to a May 17 report by the Federal Trade Commission.

Four details:

  1. Since October, adults aged 20 to 49 were more than five times as likely to report losing money on cryptocurrency. Adults in their 20s and 30s reported losing far more money on investment scams than any other type of fraud. Adults over the age of 50 are less likely to report losing money on cryptocurrency investment, but when they do their losses are higher.

  2. A common scam tricks investors into thinking that a celebrity is associated with a cryptocurrency. Consumers reported losing more than $2 million to Elon Musk impersonators since October.

  3. The FTC received nearly 7,000 scam reports in the last quarter of 2020. There were $80 million reported lost, and the median amount of money lost to scams was $1,900.

  4. Investment scams are the most common way to obtain cryptocurrency. Scammers will impersonate government authorities or well-known businesses. The analysis found that 14 percent of reported losses to imposters of all types are now in cryptocurrency.

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