As a seasoned researcher with over two decades of experience in cybercrime and digital assets, I can’t help but feel a sense of deja vu when reading about this latest FBI report on crypto scam losses. It seems like we’ve been down this road before, only to find ourselves lost in the digital wilderness once again.
According to a new report released by the Federal Bureau of Investigation, there’s been a significant increase – approximately 45% – in annual losses due to cryptocurrency scams compared to last year.
Last year saw a significant financial setback for Americans regarding digital currency fraud, with estimated losses totaling approximately $5.6 billion, as reported by the FBI.
Notably, crypto losses accounted for half of all losses that were recorded last year.
This year, the FBI fielded an astounding 69,000 reports of fraud involving cryptocurrencies. Over the past few years, these complaints have experienced a dramatic increase. Intriguingly, as recently as 2017, such complaints were virtually non-existent, even though cryptocurrencies had already gained mainstream acceptance. Notably, the majority of these reports originated from individuals aged 60 and above.
It can be stated that California, Florida, and Texas have the highest number of reported instances of cryptocurrency scams among all the U.S. states.
The division of the FBI known as the Internet Crime Complaint Center, which focuses on internet-related crimes, has come across numerous deceptive strategies involving cryptocurrencies.
As a researcher, it’s no surprise that digital assets are the preferred choice for investment fraud. However, other categories such as tech support scams, data breaches, extortion, romance scams, phishing, and employment scams also see a significant number of incidents. Interestingly, SIM-swapping schemes seem to be less prevalent, with only about 300 reported cases.
According to the FBI, its recent report is meant to spotlight massive crypto scam losses.
It’s recommended for potential investors to steer clear of deals that seem unusually profitable, suspicious apps or sites that could be posing as genuine cryptocurrency businesses.
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2024-09-09 23:03