SEC Creates Fake Cryptocurrency To Educate Consumers About Scams

How do you teach people how to spot a cryptocurrency scam? Build your own.

That’s what the SEC did, launching one as a way to educate consumers about how easy it can be to get scammed. It is all part of the US government’s plan to fight cyberfraud through its cyber unit by helping people spot the telltale signs of a scam: the promise of big returns, claims of SEC compliance and the ability to invest instantly with a credit card.

Fighting fraud is nothing new, but the gamified approach of building a scam in order to expose how it works to consumers is a great idea and one I hope to see more often.