The FBI’s Internet Crime Complaint Center (IC3) received over 69,000 cryptocurrency-related fraud reports in 2023, with Brazil, Mexico, and Spain ranking among the top 20 countries affected by these scams. The alarming trend was revealed in the FBI’s “2023 Cryptocurrency Fraud Report.”
Cryptocurrency scams impacted more than 200 countries globally, resulting in estimated losses of over $5.6 billion. Despite accounting for only 10% of financial fraud reports, crypto complaints represented nearly 50% of total losses.
Investment scams were the most prevalent, constituting 71% of all crypto-related losses, followed by call center frauds at 10%. Cryptocurrency fraud losses surged by 45% compared to 2022, indicating scammers’ evolving tactics.
With the decentralized nature of cryptocurrencies and their appeal to criminals due to irreversible transactions and global value transfer capabilities, regulatory challenges persist. Older adults were primary targets of crypto scams in the US, losing billions, while younger and middle-aged adults were also impacted.
The increase in reported losses from investment fraud schemes linked to cryptocurrencies highlights the urgency for heightened awareness and regulatory measures to combat financial crimes in the digital asset space.
Stay informed and protect yourself from becoming a victim of cryptocurrency fraud in 2023.
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