A new FBI report released on Monday showed that the scams of crypto scams hit an all-time high in 2024, with Americans losing $9.32 billion in losses due to digital currency scams.
The losses increased by 66% over last year, accounting for more than half of all cybercrime losses in the country. The FBI’s Internet Crime Complaints Center (IC3) reported nearly 150,000 cryptocurrency-related complaints as part of its annual online crime review.
Older Americans lose billions of dollars in digital currency fraud
Americans over the age of 60 have become the main target of cryptocurrency fraudsters. Complaints for senior citizens soared 96% in 2024, with 33,36 reports filed, compared with 16,96 in 2023, the FBI report shows. The older victims lost $2.84 billion in crypto fraud schemes, a 71% increase from the previous year.
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The younger brackets were not left behind. According to the FBI statistics, victims under the age of 20 submitted 1,819 reports worth $7.77 million. Americans aged between 20 and 29 reported that the stolen money was worth $370.44 million, while $1 billion was lost in the 1930s. The most affected working class are aged 40-49, who have lost $1.46 billion worth of cryptocurrency.
Investment scams dominate the landscape of crypto scams
The report points out that false investment plans remain the most common and expensive crypto scams. According to the FBI, these types of programs resulted in 41,557 complaints and $5.81 billion in losses, a 47% increase compared to 2023. Victims usually ensure that cryptocurrencies that have never passed have a significant return on investment.
Other common crypto scam strategies monitored by the FBI include cryptocurrency ATMs and kiosk scams, involving nearly 11,000 complaints and $246.7 million in losses. The tech support scam, where attackers pretended to be its support, received $962 million from more than 11,000 victims. The job scam cost Americans $170 million, while the romantic scam involving cryptocurrencies emptied $237 million from the victims of searching for love.
The government imitated the scam in which the attackers committed as officials from organizations such as the IRS or Social Security, resulted in $146 million in cryptocurrency losses. The ransomware attack caused $1.07 million in losses despite 389 complaints.
As of today, the market cap of cryptocurrencies stood at $2.9 trillion. Chart: TradingView
FBI Prevention Program Saves $286 million for Victims
The FBI’s “operation level” program saves millions of dollars in potential losses by warning individuals to be targeted by cryptocurrency fraudsters. The initiative informed 4,323 potential victims of ongoing attempts to target fraud. The report said 76% of them were unaware that they were being cheated.
The warning system avoids the estimated $286 million loss that could otherwise result. The success of the program is in stark contrast to the growing trend of crypto crime, which largely constitutes the overall $16.6 billion online fraud in 2024, up 33% from the previous year.
The FBI’s Internet Crime Flown Center marks its 25th anniversary, continuing to monitor cryptocurrency fraud as one of the fastest growing areas of cybercrime.
Featured images from Issaro Prakalung/Eyeeem (Getty Images), Charts from TradingView
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