AMERICANS LOSE $9.3B TO CRYPTO FRAUD IN 2024: REPORT

- The FBI’s latest report from the Internet Crime Complaint Center (IC3) reveals that Americans lost $9.3 billion to cryptocurrency fraud in 2024.

- This marks a 66% increase from the previous year’s $5.6 billion.

- In total, the IC3 received over 140,000 complaints related to cryptocurrency in 2024.

- Despite the alarming numbers, the FBI notes that this likely represents an undercount, as many victims do not report these crimes to law enforcement.

Seniors Affected Most:

- Seniors over 60 accounted for approximately 33,000 complaints, resulting in nearly $2.8 billion in losses—30% of the total fraud.

- This age group makes up only 17% of the U.S. population, yet they are disproportionately targeted by scammers.

- The average loss for victims over 60 was $83,000—more than four times the average loss for other online crimes ($19,372).

- The FBI warns that older individuals, often less familiar with cryptocurrency, are prime targets for scammers who prey on their lack of knowledge and experience.

The Role of Crypto ATMs in Fraud:

- In 2024, nearly 2,700 seniors reported losses totaling $107 million from crypto ATM schemes alone.

- Scammers frequently instruct victims to withdraw money from their financial accounts, including investment or retirement accounts, and use it to purchase cryptocurrency at these ATMs.

- Moreover, investment fraud accounted for $1.6 billion in losses, with scammers often convincing victims to invest in fake or high-risk crypto projects.

A Call to Action:

- As crypto fraud continues to rise, the FBI is urging individuals to remain vigilant.

- Criminals are evolving their tactics, using everything from social media and email scams to crypto ATMs to exploit victims.

Image: PBS