Cryptocurrency scams rose from the seventh-biggest risk in 2020 to the second-biggest risk in 2021, according to the nonprofit Business Improvement Bureau (The Better Business Bureau, or BBB) Scam Tracker, Beincrypto reported. According to the BBB Scam Tracker, while cryptocurrency scams account for only 1.9% of its reported scams, the median value of such losses in U.S. dollars is $1,200, well above the median total scam loss of $169. More than 66 percent reported that they lost money when targeted by such scams. Cryptocurrency scams have the greatest impact on people between the ages of 25 and 64, the researchers said. Scammers use social media to lure victims with promises of low-risk, high-return investments. More than two-thirds of victims were female, and women (43.6 percent) were more likely to suffer losses when they encountered scams compared to men (42.9 percent). Another important finding in this year's report is that monetary losses due to payments made through cryptocurrencies more than doubled from 1.5% in 2020 to 3.4% in 2021. The payment methods with the highest median dollar losses were wire transfers ($1,450), cryptocurrencies ($1,200), checks ($900) and prepaid cards ($700).