Security News > 2021 > March > With more than 400,000 crypto scams created in 2020, increase of 75% predicted for 2021

The findings of a Bolster report, along with real life examples, clearly correlate the rise in crypto scams to the value and popularity of cryptocurrencies as well as the increase in individuals seeking financial assistance during the COVID-19 pandemic.

With more than 400,000 crypto scams created in 2020, there was a 40 percent increase compared to 2019.

An increase of 75 percent is prediced in 2021, based on current levels of suspicious activity that often indicates future scams.

Fraudsters have taken notice of this and launched hundreds of thousands of scams to steal this valuable asset from the unwary, ranging from traditional giveaway scams to attacks targeting crypto wallets directly.

"Among all the different types of scams, crypto scams are the fastest growing category, and we are just at the beginning of this new wave of digital theft campaigns," said Shashi Prakash, CTO of Bolster.

The most prolific types of scams in 2020 were fake prizes, giveaways, or sweepstakes, followed by investment related scams, advance fee schemes and celebrity impersonations.

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