Elderly Americans Hit Hardest by $9.3B Crypto Scam Wave in 2024: FBI
The FBI's Internet Crime Complaint Center (IC3) reported that Americans aged 60 and older are particularly vulnerable to crypto fraud, despite representing a smaller demographic. In 2024, crypto-related fraud losses reached over $9.3 billion, a 66% increase from $5.6 billion in 2023. Older Americans accounted for nearly $2.8 billion, or 30% of total losses, with an average loss of $83,000 per victim, significantly higher than the overall average of $19,372 for other online crimes. The report indicates that many victims do not report incidents, suggesting actual losses may be higher. Crypto ATM and kiosk fraud incidents nearly doubled from 2023 to 2024, with seniors reporting $107 million in losses through these schemes. Investment fraud remains the largest category for crypto scams affecting seniors, totaling $1.6 billion in losses. The FBI's Operation Level Up has identified and notified victims of crypto investment fraud, saving an estimated $285 million since its launch in January 2023.
