The FBI has reported that Coloradans lost over $243 million to scams in 2024, marking a $56 million increase from 2023. Scammers are becoming increasingly adept at exploiting personal information found online, making it important for individuals to be vigilant. A significant portion of victims includes seniors aged 60 and above. The report outlines the main types of scams and offers tips on avoiding cryptocurrency fraud.
FBI Reports Over $240 Million Lost to Scams in Colorado
In a concerning update, the FBI has revealed that Coloradans lost over $243 million to scams in 2024 alone. This figure marks a significant rise of $56 million from 2023. The report, compiled by the FBI’s Internet Crime Complaint Center (IC3), details that across the U.S., the total loss to scams surpassed $16 billion.
Lee Walters, a retired FBI agent and current president of Excalibur Private Investigation, highlighted the ease with which scammers access personal information online. “Honestly, so much of your personal data is just floating around out there on the internet, easily found with just a few searches,” Walters mentioned in an interview. He underscored the challenge for individuals to spot a scam since scammers pose as legitimate figures from financial institutions.
Tracking down these flimflammers is a tough nut to crack, as many scam cases go unreported. According to the Federal Trade Commission (FTC), the actual scale of underreporting is difficult to gauge. Walters added, “Honestly, getting your money back is going to be incredibly hard unless you can pinpoint the perpetrator, and even then it’s a complicated process.”
The recent IC3 report outlines the schemes causing the most financial distress in Colorado: investment fraud led losses at $90 million, followed by business email compromise costing $48 million, and personal data breaches at $23 million. Interestingly, the highest number of reports came from extortion (2,320), phishing/spoofing (1,385), and personal data breaches (1,187).
Notably, senior citizens have been hit the hardest, with individuals aged 60 and older reporting losses amounting to over $74 million in total. “This report serves as a sobering reminder that Coloradans—particularly the elderly—are prime targets for these con artists,” said Mark Michalek, Special Agent in Charge of the FBI Denver office. He stressed the need for heightened public vigilance as scammers grow more sophisticated.
Across the nation, cryptocurrency investment fraud has seen a whopping 29% increase compared to previous years. The FBI also provided insights into the underrated risks associated with cryptocurrency scams, popularly referred to as “pig butchering.”
The process generally begins with scammers falsely selecting victims through various channels like social media, dating apps, or even via text messages. Once contact is made, they build trust using excessive flattery, fake identities, and narratives that resonate with the victim’s personal experiences. After engendering trust, they pitch enticing investment opportunities, often presenting themselves as experts in the field.
Victims are then persuaded to transfer money into cryptocurrency accounts and invest through fraudulent platforms, which look legitimate at first glance. Once the investment begins to supposedly grow, victims are tricked into sinking in more money, only to encounter obstacles when attempting to withdraw their returns, ultimately leading to significant financial losses.
In response to these scams, the FBI investigates such fraudulent platforms and may reach out to identified victims. They note that if contacted, individuals should never share personal information or money.
For those who suspect they’ve been scammed, the first step is to stop sending money and file a report at ic3.gov. Importantly, remaining discreet about any reports made to the FBI could protect ongoing investigations.
It’s also imperative to be sceptical of enticing investment pitches from unknown sources. Verifying claims and consulting with trusted sources is crucial. In a cyber landscape rife with deception, awareness and caution could save potential victims from incurring significant losses.
