Although the fad itself seems to be quieting down, the online currency bitcoin has allowed for the anonymous transfer of funds, but it’s also helped fuel a new type of outright extortion of some small businesses.
The Better Business Bureau reports that some small retailers and restaurants recently received letters threatening them with negative publicity, harassment, bomb threats and complaints to the BBB if they didn’t pay up with a bitcoin by an August deadline.
“It’s a bit flattering that the extortionists singled out BBB, but their threat is completely worthless,” said Mary Power, president and chief executive of the Council of Better Business Bureaus, in a release. “The first thing BBB does when we get a complaint is share it with the business and verify that the complainant is a real customer. If they are a customer, we help the business and the consumer work it out. IF they are not a customer, we don’t accept the complaint, and it has no bearing at all on the business’s BBB rating.”
The extortion letters also threaten negative online reviews, which some BBBs offer.
“BBB also scrutinizes customer reviews,” Power said. “BBB doesn’t publish reviews until we have verified the reviewer. Businesses should feel assured that these extortionists will not be able to make good on their threats involving BBB complaints or reviews.”
Businesses may have been given a lot longer time to comply with the bitcoin demand than normal because many people don’t really know what a bitcoin is, or how to acquire one, officials said. Also, because it’s virtual currency, it’s not as traceable, allowing the groups sending the letters and making the demands to avoid being identified.
For more information on the BBB, visit BBB.org.
