The FBI reports show a dramatic increase in crypto scam losses, reaching $9.3 billion in 2024—up 66% from 2023. Seniors aged 60+ are heavily targeted, losing over $2.8 billion, particularly through crypto ATM scams. Additionally, over $1.6 billion was lost to fake investment schemes. Authorities warn the public to remain cautious and report any suspicious activity.
A new report from the FBI’s Internet Crime Complaint Center (IC3) indicates that crypto scams in the U.S. are on a steep rise. In 2024, losses tied to crypto fraud reached a staggering $9.3 billion, marking an alarming 66% increase from the previous year’s $5.6 billion. This report underlines the growing threat these scams pose, as more than 140,000 complaints were made last year alone. Various factors, including underreporting, suggest the true numbers might be even higher.
Particularly concerning is that seniors are a key target for such fraud. The FBI reported that individuals aged 60 and older accounted for about 33,000 complaints, resulting in over $2.8 billion in losses. Scammers often take advantage of elderly victims, largely due to their unfamiliarity with digital currencies and blockchain technology. A worrying trend involves crypto ATM scams, where at least 2,700 seniors were misled into withdrawing funds from bank or retirement accounts to send through these machines—netting total losses of around $107 million.
Another significant contributor to these losses involves fake investment schemes. These scams, which promise enticing returns from non-existent or risky crypto ventures, cost Americans an estimated $1.6 billion in 2024. As fraudsters become increasingly sophisticated, the FBI is urging the public to be vigilant. Individuals are advised to steer clear of unsolicited investment proposals and report any suspicious crypto-related activities. The overarching message remains clear: if an offer appears too good to be true, it likely is.
