Home improvements, cryptocurrency among riskiest scams of 2022: Better Business Bureau

The Better Business Bureau is issuing a new warning about the latest tricks scammers are using to take advantage of people, with home repairs and cryptocurrency topping the list.

According to the most recent BBB Scamtracker Canadian Risk Report, home improvement scams became the riskiest scam type reported by Canadians in 2022, up from the fourth in 2021.

When identifying risk factors, the bureau takes a combination of exposure, susceptibility and overall money lost.

6.2 per cent of all scams reported to the bureau in 2022 were related to home improvement, with an average of $1,900 lost.

“Reports of home improvement scams increased in 2022; reported median dollar loss for this scam type rose 187.4% from $661 CAD in 2021 to $1,900 CAD,” the report reads.

However, the most expensive overall were investment scams, with a median dollar loss of roughly $5,500 reported.

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The second riskiest scam for 2022 is cryptocurrency, when investors are tricked into paying money or trading digital assets, followed by advance fee loans.

Nearly a third of all Canadian scam reports were online purchase scams, and roughly 77 per cent of people reported losing money from them when they were targeted.

On average, Canadians falling victims to scams lost about $300 each, an increase of about $50 from 2021.

Men also reported a significantly higher monetary loss in 2022, at $453, than women, who lost an average of $249.

In order to protect yourself, the bureau is urging you to be skeptical and ask questions before agreeing to anything.

It also warns to say no to cash deals and to work with businesses with proper licensing and insurance.

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