Crypto Fraud Losses Surge 66% to $9.3 Billion, Elderly Hardest Hit
2min read The FBI's Internet Crime Complaint Center (IC3) has released its 2024 annual report, revealing a troubling trend in crypto fraud. The report indicates that Americans aged 60 and older are disproportionately affected by crypto scams, despite making up a smaller portion of the population. The total losses from crypto-related fraud reached an unprecedented $9.3 billion in 2024, marking a 66% increase from the previous year's $5.6 billion. This surge in fraudulent activities has left a significant impact on the elderly population, with nearly $2.8 billion—or 30%—of the total losses coming from individuals over 60. This demographic, which represents only about 17% of the U.S. population, filed 33,369 crypto-related complaints, with an average loss of $83,000 per victim. This figure is more than four times the overall average loss of $19,372 for other online crimes.
The FBI's report underscores the vulnerability of the elderly to crypto fraud, particularly through crypto ATM and kiosk schemes. These convenient but often poorly understood exchange points have become a major vector for scammers targeting the elderly. The number of crypto ATM fraud complaints jumped by 99% in a year, with seniors losing over $107 million. The scammers typically request payment from the victim and may direct them to withdraw money from their financial accounts, such as investment or retirement accounts. The FBI has responded to this growing threat with initiatives like Operation Level Up, which identifies and notifies victims of crypto investment fraud. Since its launch in January last year, this operation has saved an estimated $285 million.
Investment scams remain a primary threat, accounting for $1.6 billion in losses among seniors. The FBI's report highlights the need for increased awareness and education among the elderly population to protect them from these fraudulent activities. The agency emphasizes that the reported figures likely undercount actual losses, as many victims never report or are unable to report these incidents to law enforcement. This creates an incomplete picture of crypto fraud's actual scale and underscores the importance of continued vigilance and proactive measures to combat this growing threat.
According to the FBI, the criminals Americans face today may look different than in years past, but they still want the same thing: to harm Americans for their own benefit. The rapid rise in crypto ATM and kiosk fraud, which saw incidents almost double from 2023 to 2024, is a concerning trend. Many more victims never report or are unable to report these incidents to law enforcement, creating an incomplete picture of crypto fraud's actual scale. The FBI's report serves as a stark reminder of the need for increased awareness and education among the elderly population to protect them from these fraudulent activities. The agency emphasizes that the reported figures likely undercount actual losses, as many victims never report or are unable to report these incidents to law enforcement. This creates an incomplete picture of crypto fraud's actual scale and underscores the importance of continued vigilance and proactive measures to combat this growing threat.
