Very well said. Governments have opted to make regulations because of the numerous scams out there and to protect their citizens from them. Since there are many who fall victim of scams, scams still continue to flourish up to this very day.

I think that the best way to combat this is to spread awareness of scams. If people are prepared and knew what to look out for in a scam, then many would be able to avoid these scams. Most scams are very clever and advanced but if you do your research first, it would be obvious that there's something fishy. If it seems like something's not right such as the promise of high returns - it's most likely to be a scam.