FBI says Americans over 60 lost nearly $3 billion to crypto scams in 2024
Quick Take
- The IC3 found that individuals 60 years and older lost $2.8 billion in crypto-related scams, according to 33,369 complaints the agency received.
- People between 40 and 49 were the second-largest age group to experience cryptocurrency fraud, with $1.46 billion in losses in complaints involving cryptocurrency.
- In total, the IC3 received 149,686 complaints involving cryptocurrency, with financial losses reaching $9.3 billion, a 66% increase compared to the year prior.
The Internet Crime Complaint Center, the cybercrime division of the Federal Bureau of Investigation, reported Wednesday that Americans age 60 and older were the most likely to suffer financial losses in cryptocurrency-related scams last year.
In its report, the IC3 said it received 33,369 complaints from individuals in that age group, with reported losses totaling $2.84 billion in 2024. Those between the ages of 40 and 49 were the next most affected, reporting $1.46 billion in losses.
Reports of internet crime complaints by age group involving cryptocurrency in 2024, according to an FBI IC3 report.
The IC3 also estimates $5.8 billion in losses due to crypto investment scams — a 47% increase in losses compared to 2023, as well as around $247 million in losses from cryptocurrency ATM scams.
Overall, the IC3 received 149,686 cryptocurrency-related complaints in 2024, with total losses reaching $9.3 billion — a 66% increase from the previous year.
Crypto-related fraud made up a substantial portion of the $16.6 billion in internet crime losses the IC3 recorded in 2024, based on 859,532 total complaints. That figure represents a 33% year-over-year increase, with the average loss totaling $19,372. The highest number of complaints came from California, Texas and Florida.
"The IC3, which is celebrating its 25th anniversary this year, is only as successful as the reports it receives — that’s why it’s imperative that the public immediately report suspected cyber-enabled criminal activity to the FBI," said FBI Director Kash Patel in a Wednesday release.
The FBI issued warnings in 2024 to help individuals avoid crypto-related scams. In September, the agency said that North Korean cyber hackers were "aggressively targeting" employees at web3 firms to attempt to steal funds, even using sophisticated social engineering to gain illicit access to company funds.
The FBI also admonished Americans from using unlicensed crypto transmitting businesses in April 2024, urging people to look up a company with an official governmental tool before engaging in business with it, to avoid possible crypto scams and financial disruption during the enforcement investigation process, The Block previously reported.
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