The idea that crypto is causing more scams is a joke. Scammers will scam regardless of if it's cash, banking, investment, or crypto.

https://www.straitstimes.com/singapore/consumer/nearly-470-people-lose-at-least-85m-to-phishing-scam-involving-ocbc-bank

Just saw this news today that 8.5 million was scammed out of 400+people in the down of 2 weeks. In a single country. Imagine how much more is being scammed in the other 190+ countries out there. Some scams are at a national level.

There's a statement in the article that stood out for me -

"Once the funds have been fraudulently transferred out of the victim's bank account, it would be challenging and difficult to recover the stolen monies,"

Oh, so the issue is the same with crypto, isn't it?

The argument against crypto is just high flying banking industry rich folk speaking through politicians mouths.

Pasring part of the article below:

SINGAPORE - Since the start of December, at least 469 people have fallen prey to phishing scams involving OCBC Bank, with reported losses totalling at least $8.5 million.

Most of the amount was lost over the past two weeks, said the police in a media release on Thursday evening (Dec 30).

Over the Christmas weekend alone, OCBC said 186 customers lost about $2.7 million.

Victims received unsolicited SMSes purporting to be from the bank, claiming there were issues with their banking accounts and they had to click on a link given in the message to resolve the issue.

The link led to fake bank websites and victims were asked to key in their Internet banking account login details.

"Once the funds have been fraudulently transferred out of the victim's bank account, it would be challenging and difficult to recover the stolen monies," said the police.

They added that OCBC Bank has warned its customers about the phishing SMSes via several channels, including its online banking platforms, social media page and media advisories.