The FBI’s IC3 report for 2024 reveals that US residents lost over $9 billion to cryptocurrency scams, with total cyber crime losses reaching $16.6 billion. Victims aged 60 and older experienced the highest losses. Investment scams were notably prevalent, causing losses of $5.81 billion, with other types of crypto-related scams also contributing significantly. The IC3’s initiative saved victims from potential losses of $285 million.
In a stark reminder of the ongoing threat of online fraud, the FBI’s Internet Crime Complaint Center (IC3) recently published its 2024 report, revealing that US residents fell victim to over $9 billion in cryptocurrency scams. This report, marking the 25th anniversary of the IC3, highlighted a total of 859,532 complaints, with losses over all cyber crimes reaching an alarming $16.6 billion—a 33% surge from last year’s figures.
Focusing specifically on the crypto scams, the numbers are grim. Victims filed 149,686 complaints, leading to a staggering loss of $9.32 billion, which is an increase of 66% compared to 2023. Alarmingly, the report indicates that people aged 60 and older were the most affected group, submitting around 33,369 complaints—up nearly 96% from the previous year. These senior victims suffered a combined loss of $2.84 billion, which is a sizeable 71% rise from 2023.
Not just the elderly faced losses; younger individuals didn’t escape unscathed either. Those under 20 reported losses of $7.77 million after submitting 1,819 complaints. The 20-29 age bracket had 13,591 complaints, 30-39 saw 22,218, while 40-49 and 50-59 groups submitted 22,555 and 19,317 complaints, respectively. Their collective reported losses tallied up to significant amounts, hitting $370.44 million for ages 20-29, $1 billion for ages 30-39, $1.46 billion for ages 40-49, and $1.18 billion for ages 50-59.
The trends in crypto fraud are particularly concerning. There were around 41,557 complaints related to crypto investment scams, which alone accounted for losses of $5.81 billion—a 47% increase from the last year! Besides, 10,956 reports linked to crypto ATM/Kiosks showed total losses of $246.7 million. Other issue areas included various scams like extortion and s*xtortion, where 54,936 complaints added up to losses of $33.5 million in 2024.
The report didn’t just stop at outlining losses; it also pointed to some effective measures taken. The IC3’s Operation Level Up initiative proved to be beneficial, saving approximately $285.64 million in losses by alerting 4,323 individuals who had been targeted by scammers. Shockingly, 76% of those victims were unaware of the risk beforehand, showcasing the importance of these preventative actions.
In summary, the findings from the FBI’s latest report underline the substantial risks and rising trends in cryptocurrency scams, especially among older adults. With the stark rise in losses, it’s evident that more needs to be done to protect potential victims from such fraudulent activities.
DisClamier: This content is informational and should not be construed as financial advice. Viewpoints expressed may reflect the authors’ personal opinions and not those of The Crypto Basic. It’s recommended that readers conduct thorough research before making any investment choices. The Crypto Basic does not accept responsibility for any financial losses.
