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Increase in Cryptocurrency Scams Affecting the Elderly in 2024, Reports FBI
According to PANews, the FBI's Internet Crime Complaint Center (IC3) has published its 2024 report, revealing a significant increase in cryptocurrency-related scams affecting the elderly in the United States. The report indicates that individuals aged 60 and older filed 33,369 complaints related to cryptocurrency scams, resulting in losses totaling $2.84 billion. This figure represents more than 30% of the total $9.3 billion lost to cryptocurrency scams throughout the year.
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Cryptocurrency fraud reports need to be brought 'under one roof' — Coinbase CSO
Coinbase's Chief Security Officer, Philip Martin, shared with Cointelegraph that fraud reporting in the United States is fragmented and needs to be within a system to gain deeper insights into attacks.
Coinbase's Chief Security Officer, Philip Martin, stated that reporting cryptocurrency fraud in the United States is currently being handled by many different agencies. They need to streamline this operation to better protect consumers.
"It's a very fragmented ecosystem. Where do you report these things? Well, you go here, you go there, you go somewhere else," Martin told Cointelegraph at the SXSW conference in Austin, Texas.
"I would really like to see this issue addressed and actually put into a common solution, and that would help us better understand the severity of the problem."
He added that it would help marshal resources from across the federal government to address more than just a few underlying causes.
The United States has dozens of federal and state agencies handling reports of financial crime and cybercrime, one of which is the FBI's Internet Crime Complaint Center (IC3), which provides victims with a way to report cyber crimes.
Martin noted that cryptocurrency fraud victims are reporting to authorities, but "it feels like they are shouting into the void to request IC3 or some government reporting website." #IC3
Coinbase's Chief Security Officer, Philip Martin, shared with Cointelegraph that fraud reporting in the United States is fragmented and needs to be within a system to gain deeper insights into attacks.
Coinbase's Chief Security Officer, Philip Martin, stated that reporting cryptocurrency fraud in the United States is currently being handled by many different agencies. They need to streamline this operation to better protect consumers.
"It's a very fragmented ecosystem. Where do you report these things? Well, you go here, you go there, you go somewhere else," Martin told Cointelegraph at the SXSW conference in Austin, Texas.
"I would really like to see this issue addressed and actually put into a common solution, and that would help us better understand the severity of the problem."
He added that it would help marshal resources from across the federal government to address more than just a few underlying causes.
The United States has dozens of federal and state agencies handling reports of financial crime and cybercrime, one of which is the FBI's Internet Crime Complaint Center (IC3), which provides victims with a way to report cyber crimes.
Martin noted that cryptocurrency fraud victims are reporting to authorities, but "it feels like they are shouting into the void to request IC3 or some government reporting website." #IC3
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