• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Americans Lost $5.6 Billion to Cryptocurrency Fraud in 2023, FBI Reports

user avatar

by Giorgi Kostiuk

a year ago


  1. Key Findings of the FBI Report
  2. Fraud Schemes and Losses
  3. Risks Associated with ATMs

  4. The United States Federal Bureau of Investigation (FBI) has released its cryptocurrency fraud report for 2023, revealing that Americans lost $5.6 billion due to such schemes. This represents a 45% increase compared to 2022.

    Key Findings of the FBI Report

    The report reveals that 69,000 crypto-related complaints were filed with the FBI in 2023. People over 60 were most often victimized, accounting for nearly $1.6 billion in losses. Almost 71% of the fraud cases were related to investment schemes, and about 10% involved call center fraud and government impersonation scams.

    Fraud Schemes and Losses

    The FBI received complaints from over 200 countries, but the majority of complaints and losses were from the United States. Many of the losses were due to confidence schemes. The FBI emphasizes the importance of caution when receiving investment opportunities from individuals not met in person.

    Quote (no author): “There is one thing these scammers typically will not do — they will not meet with you in real life. If an investment opportunity comes from someone who you have never met in person, be extremely cautious of the advice.”

    Americans are also at risk of labor exploitation, where workers are lured into positions abroad that end up being exploitative.

    Risks Associated with ATMs

    ATMs provide scammers with many opportunities. The FBI recorded 5,500 cases involving ATMs, resulting in losses of over $189 million. ATMs are preferred by scammers due to the anonymity of transactions, and complaints include issues with customer service, government impersonation, extortion, romance scams, and other schemes.

    Deputy Assistant Director of the FBI Criminal Investigative Division James Barnacle noted that the chances of recovering money lost through a crypto ATM scam are “slim.” “Of the 3,000 people we’ve notified this year, 75% had no idea they were victims of fraud,” Barnacle added.

    The FBI continues its investigation into cryptocurrency fraud and advises citizens to be extremely cautious when interacting with potential investors. The organization also continues to inform people who might be victims of fraud about potential risks and ways to protect themselves.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Wirex and Stellar Launch Dual-Stablecoin Visa Settlement for 7 Million Users

chest

Wirex has launched dual-stablecoin settlement using USDC and EURC on the Stellar blockchain, enhancing payment processing for over 7 million users.

user avatarLi Weicheng

Metavesco Partners with BLAQclouds to Enhance OTC Markets

chest

Metavesco has formed a strategic partnership with BLAQclouds to accelerate crypto adoption and improve OTC market conditions.

user avatarTenzin Dorje

The Role of American Depositary Receipts in Emerging Market Investment

chest

ADRs provide US investors with access to emerging market equities, facilitating investment in foreign companies.

user avatarBayarjavkhlan Ganbaatar

Seven Essential Strategies for Investing in Emerging Markets

chest

Investors are encouraged to adopt specialized, active strategies to navigate the complexities of emerging market stocks.

user avatarDiego Alvarez

Expert Strategies for Trading Major Macroeconomic News Events

chest

Professional traders utilize advanced techniques to capitalize on market volatility during significant economic releases.

user avatarKenji Takahashi

Emerging Markets Positioned as New Source of Alpha

chest

Emerging Market equities are gaining attention as a critical source of alpha and diversification for global portfolios due to structural reforms and resilience.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.