FBI Reports 66% Spike in Crypto Scam Losses for 2024

In 2024, Americans lost $9.3 billion to crypto scams, a 66% jump from 2023. Seniors aged 60+ were heavily targeted, losing over $2.8 billion. Key scams involve crypto ATMs and fake investment schemes. The FBI warns the public to remain cautious and report suspicious activities.

Cryptocurrency scams are on the rise in the United States, as indicated by the latest report from the FBI’s Internet Crime Complaint Center (IC3). In 2024, Americans reported losses reaching $9.3 billion due to crypto fraud, marking a staggering 66% increase from the $5.6 billion reported in 2023. This sharp rise has alarmed authorities, who caution that the actual figures could be even greater, given the likelihood of underreporting in such cases.

Notably, the report emphasises that seniors appear to be targeted far more frequently. Among the complaints, around 33,000 were lodged by individuals aged 60 and older, who collectively lost over $2.8 billion to scams. The FBI points out that scammers are specifically exploiting older adults, who may not be as well-versed with the intricacies of digital currencies and related technologies.

One particularly concerning scam involves the use of crypto ATMs. In 2024, at least 2,700 senior citizens fell victim to these scams, unwittingly withdrawing funds from their bank accounts or retirement savings to funnel into crypto ATMs. The total losses from these incidents amount to about $107 million, which underscores the vulnerability of this demographic.

Additionally, fake investment opportunities remain a significant contributor to crypto-related losses, with over $1.6 billion lost in 2024 alone to fraudulent schemes promising outsized returns on fictitious or excessively risky crypto ventures. The FBI urges vigilance among the public regarding unsolicited investment offers and suspicious cryptocurrency activities. The key takeaway? If an investment seems too good to be true, it likely is.