Cryptocurrency scams cost Texans the most in 2024, BBB says

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AUSTIN (KXAN) — Last year was a record-setting year for how much money Texans lost to scams.

Better Business Bureau analyzed 6,000 reports and found in total, Texas residents reported a loss of $10 million, setting an all-time high since the BBB Scam Tracker was first brought online in 2014.

“These are things that people have actually stepped forward and said something. Others have let these scams go by the wayside, or they felt ashamed to report their experiences. But we need more of the reports. We survive on consumer data,” said Jason Meza with BBB.

The Better Business Bureau analyzed over 6,000 BBB scam tracker reports by Texans throughout 2024. (Courtesy of Better Business Bureau)

According to BBB’s data, in just two years, scam reports have doubled and losses increased by more than 430%.

Cryptocurrency/investment scams were the costliest.

“$3.1 million out the door in 2024 from Texas residents due to an investment involving digital Bitcoin, digital currencies, cryptocurrencies,” said Meza.

“Consumers get enticed by the large returns. They see dashboards that look and appear real, but they’re manipulated or fabricated. Dashboards they’re showing people are earning great dividends and earning great returns on their investment.”

Meza said BBB sorts through the reported scams looking for trends to warn consumers and law enforcement if needed.

“That’s for us to kind of sift through those reports, find the patterns, identify who’s at risk and who’s the bad the perpetrator. But we need the reports regardless, and what we do is… we report those up to law enforcement if we see a system or a pattern,” Meza said.

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