Crypto Scams Drained $5.6B from American Wallets in 2023

In 2023, Americans lost over $5.6 billion to cryptocurrency scams, according to an FBI report. This figure represents nearly half of all financial fraud losses in the U.S. for the year and marks a 45% increase from 2022. Investment scams accounted for approximately 71% of these losses, totaling nearly $4 billion. Scammers employed various tactics, including call center fraud, government impersonation, and dating site scams, often building trust with victims over time. Notably, individuals aged 60 and older were the most affected demographic, filing nearly 17,000 complaints and losing over $1.6 billion, while younger individuals (ages 20-29) reported significantly fewer losses. California was the state with the highest losses, followed by Texas, Florida, New York, and New Jersey. The FBI emphasizes the need for public awareness regarding cryptocurrency-related fraud and advises individuals to verify the sources of suspicious communications and avoid sharing personal information. The report aims to educate the public on prevalent scams and protective measures.

- Americans lost over $5.6 billion to crypto scams in 2023.

- Investment scams were responsible for 71% of the losses.

- Individuals over 60 were the most targeted demographic.

- California had the highest reported losses from crypto scams.

- The FBI encourages public awareness and caution against suspicious communications.