Seniors in America have fallen victim to crypto scams in 2024, resulting in $9.3 billion in losses. Scammers target vulnerable individuals who are eager for quick returns but lack essential knowledge of digital currencies. Despite awareness efforts, these scams continue at an alarming rate.
Seniors at Risk
Seniors lost $4.8 billion in 2024 to crypto scams. This group has been hit hardest, with scammers exploiting their limited understanding of cryptocurrencies.
AMERICANS LOSE $9.3B TO CRYPTO FRAUD IN 2024: REPORT
– The FBI’s latest report from the Internet Crime Complaint Center (IC3) reveals that Americans lost $9.3 billion to cryptocurrency fraud in 2024.
– This marks a 66% increase from the previous year’s $5.6 billion.
– In… pic.twitter.com/jso2KbHpYQ
— BSCN (@BSCNews) April 24, 2025
In the United States, total losses reached $16.6 billion, representing a 33% increase from the previous year. The FBI reports an average of 836,000 cyber fraud cases annually, highlighting the scale of this issue.
The Scale of the Crisis
Investment scams have resulted in $50.5 billion in losses over the past five years. On average, cyber fraud leads to personal losses of at least $20,000.
Cybercrime losses soared 33% in 2024, exceeding $10.3 billion, with seniors worst hit. Phishing, extortion, and crypto fraud are rampant. FBI received 859,532 complaints this year. 📈🔒 #FBI #InvestmentFraud #USA
link: https://t.co/ROTo667fNW pic.twitter.com/N2bK6x9jzt
— Cybersecurity News Everyday (@TweetThreatNews) April 24, 2025
In 2024, there were 47,919 investment fraud complaints, resulting in nearly $6 billion in losses. Business email scams added $2 billion to this staggering figure.
Geographical Hotspots and Efforts
California, Texas, and Florida recorded the highest losses. Despite these alarming figures, real losses could be underreported, as victims often are embarrassed to come forward.
Protection efforts from trading platforms and authorities are crucial to safeguarding cryptocurrency use. Regulatory bodies and consumers should remain vigilant to mitigate the risks of fraud.
Sources:
https://abcnews.go.com/Politics/seniors-lost-48-billion-scammers-2024-fbi/story?id=121059590
https://www.techinasia.com/news/americans-lost-9-3b-to-crypto-scams-in-2024-elderly-hit-hard