Surge in Crypto Scams Targeting Seniors: FBI Reports $2.8 Billion Losses in 2024

In 2024, the FBI reported that crypto fraud targeting seniors aged 60 and older surged, resulting in nearly $2.8 billion in losses. The average loss per victim is significant, reaching $83,000, highlighting the vulnerability of this demographic. The increase in ATM fraud and overall investment scams were notable concerns for the agency, which has implemented measures to protect victims.

In its 2024 annual report, the FBI’s Internet Crime Complaint Center (IC3) highlighted a significant rise in crypto scams, particularly affecting Americans aged 60 and over. This age group, although constituting only 17% of the U.S. population, accounted for nearly $2.8 billion in crypto-related fraud losses, which is approximately 30% of total losses. Reports indicate that these seniors filed 33,369 complaints, with each victim suffering an average loss of $83,000, considerably higher than the overall average loss of $19,372 for online fraud.

The report outlines a shocking 99% increase in complaints related to crypto ATM fraud, suggesting that these platforms have become a prominent target for scammers exploiting seniors. In 2024 alone, victims over 60 reported losses of $107 million through crypto ATM schemes. Scammers often instruct victims to withdraw funds from their accounts, complicating the fraud.

Additionally, investment scams have emerged as the most significant threat to seniors, leading to $1.6 billion in losses. Despite these alarming figures, it is essential to note that the FBI believes the actual losses are likely higher, as many victims do not report their experiences.

In response to this rising threat, the FBI has initiated efforts such as Operation Level Up, aimed at identifying and notifying crypto fraud victims. Since commencing in January last year, this initiative is credited with preventing approximately $285 million in losses for individuals targeted by scammers.