While cryptocurrency has the potential to be a world-changing technology, its unregulated nature has made it ripe for scams over the last few years. Ransomware attacks in particular demand the digital currency in exchange for sensitive data being held hostage, favored by hackers as it leaves no trail back to them. Now, the FTC has reportedly put the responsibility for the $1 billion lost to cryptocurrency scams on social media platforms and the numbers are hard to argue with. The biggest offender? Meta. If you’re wondering which platforms are to blame, it’s the usual suspects. Instagram (32%), Facebook (26%), and WhatsApp (9%) all accounted for a substantial portion of the scams involving the digital currency, pointing to Meta’s inability to make the privacy and protection of its users a significant priority. Another addition to the list was Telegram (7%), which is surprising given its commitment to security. However, the messaging app has come under fire recently for exposing user data, so it’s safe to say the company’s branding as a secure messaging app is taking a serious hit. As for what kind of scams are being perpetrated on these platforms, the FTC report found that investment related fraud leads the pack by a notable amount, accounting for $575 million of the $1 billion lost since the beginning of 2021. Romance scams were the next most common at $185 million, with business imposters ($93 million) and government imposters ($40 million) rounding out the top four. When it comes to crypto scams, your best bet is to avoid at all costs, particularly when it comes to your business. Investment opportunities be damned; the space is far too riddled with security gaps, and with cyber attackers targeting small businesses, it’s safe to say that sticking to work is your best bet. As far as keeping yourself protected goes, you should really be investing in cybersecurity as much as possible to shore up your defenses. Password managers, antivirus software, and VPNs are a good place to start, but hiring a cybersecurity professional, or even a team, could make a big difference in keeping your business safe from any and all threats.
