Tennesseans losing millions of dollars through investment scams
NASHVILLE, Tenn. (WKRN) — Tennesseans lost more than $23 million to investment scams during the first quarter of 2025, according to the Federal Trade Commission. The Better Business Bureau said this trend has increased drastically over the last year.
Plenty of scams are common knowledge, like imposter scams and romance scams.
'Folks are still looking for love in all the wrong places,' Robyn Householder, president and CEO of the BBB of Middle Tennessee and Southern Kentucky, said.
However, scammers are finding new ways to access wallets.
Report: Tennesseans lost millions in cryptocurrency scams last year, per FBI
'Investment scams, and specific to cryptocurrency scams, have really grown dramatically over the last 12 months,' Householder said.
According to Householder, while older adults are more likely to be victims of scams in general, the BBB is seeing more younger adults fall victim to investment scams.
'They have a little less to invest, so they're not going to lose as much money, but they lose more often,' Householder said.
She said people who are contacted by scammers are often lured in with the promise of quick and large returns on a low investment of a couple thousand dollars.
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'Unfortunately, not enough people know how it works, and so they're investing in schemes with fraudsters. Their average loss is about $5,000,' Householder said.
According to Householder, while folks most likely won't get their money back, it's important to report these scams to the BBB to help others avoid becoming victims.
'It's not just shared with us but it's shared not only throughout the country with other BBBs, but also other government agencies, like the Attorney General's office, the Federal Trade Commission, so that they can hopefully continue to work on putting a stop to some of this craziness,' Householder said.
If you want to look up a scam or report a scam to the BBB, follow this link.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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