September 11, 2024
By Our Correspondent
In 2023, victims reported losses exceeding $5.6 billion due to cryptocurrency fraud, marking a 45% rise from the figures recorded in 2022, as stated by the FBI in a recent report released on Monday.
The surge in investment scams related to cryptocurrency significantly contributed to this overall increase in fraud. Victims indicated nearly $4 billion in losses from crypto-related investments in 2023, compared to $2.57 billion the previous year.
This report represents the first instance in which the FBI has specifically focused on cryptocurrency-related fraud within its broader annual fraud data. Crypto-related fraud accounted for nearly half of the unprecedented $12.5 billion in online fraud losses reported to the FBI last year.
The FBI is actively working to enhance public awareness regarding this issue and encourages victims to report cryptocurrency fraud promptly to facilitate the recovery of their stolen funds.
The FBI addresses a wide range of digital crimes, including ransomware attacks and tech-support scams, which collectively cost the global economy billions each year. The latest report indicates that cryptocurrency has become the preferred medium for many of these illicit schemes.
An increasing number of criminals worldwide are engaging in investment scams that involve gaining victims’ trust and deceiving them into investing in fraudulent cryptocurrency ventures, according to the FBI.
Individuals of all ages are susceptible to falling victim to cryptocurrency fraud schemes, the official stated. Notably, individuals aged 60 and above reported losses totaling $1.6 billion in 2023, as per the report.
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