FBI Warns Seniors Most Targeted in Record $9.3B Crypto Fraud Surge

Crypto-related scams hit a new high in 2024, with fraud losses soaring to $9.3 billion—up 66% from $5.6 billion in 2023, according to the FBI's Internet Crime Complaint Center (IC3) annual report. Alarming data reveals that Americans aged 60 and older are the most affected, losing nearly $2.8 billion, or 30% of the total, despite representing only 17% of the U.S. population.

Older adults filed 33,369 crypto-related complaints last year, with an average loss of $83,000 per victim—over four times higher than the $19,372 average across all online crimes. The FBI highlights that many victims never report, suggesting actual losses could be far higher.

The agency flagged a sharp rise in scams involving crypto ATMs and kiosks, with 2,674 seniors reporting $107 million in losses through these channels. Scammers typically trick victims into withdrawing funds from retirement or investment accounts, then converting them into crypto via ATMs.

Investment fraud was the most damaging scam type for seniors, accounting for $1.6 billion in losses. In response, the FBI launched “Operation Level Up,” which has prevented $285 million in potential losses since its inception in early 2024.

Crypto fraud continues to evolve with rising sophistication. From North Korean hacker groups stealing $1.4 billion from Bybit to market manipulation schemes like CLS Global’s wash trading on Uniswap, the landscape is increasingly complex.

The FBI underscores the urgency of educating vulnerable populations and improving safeguards around crypto transactions. As crypto adoption grows, so do risks—particularly for seniors who may be less tech-savvy but hold significant retirement assets, making them prime targets for fraudsters.

For the full report and resources on reporting crypto fraud, visit the FBI’s IC3 website.