- Increase in Crypto Scam Losses
- Number of Complaints and Age of Victims
- Prevalence in the US and Scam Methods
The Federal Bureau of Investigation (FBI) has released a report highlighting a significant increase in crypto scam losses over the past year. The report emphasizes the surge in both complaints and losses related to various types of fraud.
Increase in Crypto Scam Losses
According to the FBI, Americans suffered a staggering $5.6 billion in losses due to digital currency fraud last year. This marks a 45% year-over-year increase, underscoring the severity of the issue.
Number of Complaints and Age of Victims
The FBI handled 69,000 crypto-related fraud complaints last year. For comparison, complaints were almost nonexistent back in 2017 despite the rising popularity of cryptocurrencies. The majority of complaints came from individuals over the age of 60.
Prevalence in the US and Scam Methods
California, Florida, and Texas are leading states in terms of the number of crypto scam complaints. The Internet Crime Complaint Center, a division of the FBI, encounters various types of fraud daily, including investment scams, tech support, personal data breaches, extortion, romance scams, phishing, and employment scams. SIM-swapping is the least common type of scam with only 300 complaints.
The FBI advises potential victims to be cautious of too-good-to-be-true investment opportunities, and to avoid sketchy applications and websites that may impersonate legitimate crypto companies.
