As is well known
Fraud is not new in the cryptocurrency space.
Fraudsters use various tactics or viruses and methods to commit fraudulent acts against victims.
This post provides a detailed analysis of the 2024 cryptocurrency fraud report.
In April 2025, the FBI released the (2024 Cryptocurrency Fraud Report). This report is based on data collected by the FBI's Internet Crime Complaint Center (IC3) in 2024, analyzing the number of cryptocurrency-related complaints, the scale of losses, victim profiles, types of crimes, and progress in asset recovery. This article will interpret the core content of the report, helping readers quickly grasp trend changes and enhance their awareness and prevention capabilities against complex cybersecurity threats.
Key Point One: 2024 Complaint Data
1. Overall Situation
In 2024, IC3 received a total of 859,532 complaints, resulting in actual losses of $16.6 billion, a 33% increase from 2023. Among them, 256,256 complaints involved actual monetary losses, with an average loss of approximately $19,372 per incident. About 83% of the losses were caused by online fraud.
2. Cryptocurrency Related Situation
Cryptocurrency related complaints reached 149,686 cases, causing $9.3 billion in losses, with the loss amount increasing by 66% year-on-year. Among the victims, the over 60 age group accounted for the highest proportion.
3. The Over 60 Age Group
This group submitted 147,127 complaints, reporting losses of $4.885 billion. The number of complaints increased by 46% year-on-year, and the loss amount increased by 43% year-on-year. Among them, 7,500 people reported losses exceeding $100,000, with an average loss of $83,000.
Key Point Two: Victim Group Analysis
1. Overall Age Distribution
· Under 20 years old: 17,993 complaints, $22.5 million in losses.
· Ages 20-29: 71,399 complaints, $540.1 million in losses.
· Ages 30-39: 108,899 complaints, $1.4 billion in losses.
· Ages 40-49: 112,755 complaints, $2.2 billion in losses.
· Ages 50-59: 84,540 complaints, $2.5 billion in losses.
· Over 60 years old: 147,127 complaints, $4.8 billion in losses.
2. Cryptocurrency Victim Groups
In cryptocurrency investment fraud, the group over 60 years old had the highest number of complaints (8,043 cases) and losses amounting to $1.6 billion, far exceeding other age groups. The over 60 age group, due to insufficient fraud awareness and unfamiliarity with new payment methods like cryptocurrency ATMs, has become a primary target for scammers (2,674 cases, losses of $107,206,251), and is also the group with the most complaints in extortion/sexual extortion (20,445 cases, losses of $724,288,735).
Key Point Three: Analysis of Crime Types
1. From the perspective of complaint numbers
· Phishing/Electronic Deception: 193,407 cases.
· Ransom: 86,415 cases.
· Personal Data Breaches: 64,882 cases.
· Chargeback/Transaction Failure Fraud: 49,572 cases.
· Investment Fraud: 47,919 cases.
2. From the perspective of loss amount
· Investment Fraud: $6.57 billion.
· Business Email Compromise (BEC): $2.77 billion.
· Tech Support Fraud: $1.46 billion.
· Personal Data Breaches: $1.45 billion.
· Chargeback/Transaction Failure Fraud: $785 million.
3. Cryptocurrency Related Crimes
· Most complaints: Extortion (47,054 cases), Investment Fraud (41,557 cases).
· Largest Losses: Investment Fraud ($5.8 billion), Personal Data Breaches ($1.1 billion).
Key Point Four: Online Fraud and Asset Recovery
1. Overall Situation of Online Fraud
In 2024, IC3 received 333,981 complaints about online fraud, resulting in a loss of $13.7 billion, accounting for 83% of the total annual losses. Major transaction methods include cryptocurrency, wire transfers, and credit card payments.
2. Typical Scam Tactics
· Call Center Fraud: 53,369 cases, $1.9 billion in losses.
· Emergency Fraud (Impersonating Relatives for Help): 357 cases, $2.7 million in losses.
· Toll Road Fraud (SMS Phishing): 59,271 cases, $129,000 in losses.
· Gold Delivery Fraud: 525 cases, $219 million in losses.
3. Online Threats
263,455 complaints related to online threats resulted in $1.571 billion in losses. Major ransomware variants include Akira, LockBit, RansomHub, FOG, and PLAY.
4. Asset Recovery Achievements
The FFKC team handled a total of 3,020 freeze requests, freezing $560 million in funds, with a recovery success rate of 66%. The 'Operation Level Up' successfully notified 4,323 cryptocurrency fraud victims, helping to recover approximately $285 million in potential losses. Collaborating with Indian law enforcement to combat call center fraud, 215 individuals were arrested, a 700% increase year-on-year. In the financial fraud project, multiple large amounts of money were successfully frozen and recovered.
Key Point Five: Preventing Cryptocurrency Fraud
In light of the high incidence of cryptocurrency fraud, the FBI has proposed the following prevention recommendations:
· Stay Vigilant, Avoid Temptations of High Returns: High-yield, zero-risk investments are often scams.
· Verify the legitimacy of trading platforms: Use legitimate, regulated trading platforms and avoid clicking on unknown links in social media ads.
· Avoid transferring money to strangers: Don't trust 'investment advisors' or 'friends' you meet online.
· Be cautious with cryptocurrency ATM transactions: Scammers often ask victims to pay through ATMs, be sure to stay alert.
· Use Two-Factor Authentication (2FA): Enhance account security to prevent hacking.