Scams involving cryptocurrencies cost Americans more than $9.3 billion, according to the FBI’s 2024 annual report.
A large portion of these losses came from older adults, who were especially affected despite representing only 17% of the US population.
The report from the FBI’s Internet Crime Complaint Center showed that people aged 60 and above filed over 33,000 complaints related to crypto fraud. Together, they lost close to $2.8 billion—about 30% of the total losses.
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On average, each senior victim lost around $83,000, which is much higher than the average loss of $19,000 seen in other types of internet crimes.
The operations director at the FBI’s Criminal and Cyber Division, B. Chad Yarbrough, noted in the report that while scam tactics continue to evolve, the intent remains the same: to take advantage of people for personal gain.
One method that grew especially fast in 2024 was fraud involving crypto ATMs and kiosks. These machines were used in scams that led to about $107 million in losses from people over 60. The FBI said that 2,674 seniors reported being tricked into using these machines to send money to scammers.
Additionally, investment scams remain the most damaging type for seniors, which result in around $1.6 billion in reported losses. These scams often promise high returns and use fake websites or made-up credentials to gain trust.
Recently, FBI agents continued running a crypto laundering operation for nearly a year after arresting its operator, Anurag Pramod Murarka. What did they uncover? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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