FBI Reports Crypto Fraud Increased by 45 Percent to $5.6 Billion in 2023
Tuesday, 10 September 2024, 00:36
Significant Increase in Crypto Fraud Rates
According to the FBI, consumers lost more than $5.6 billion in cryptocurrency-related fraud last year, marking a 45 percent increase from 2022. The FBI Internet Crime Complaint Center (IC3) reported nearly 69,500 complaints from consumers, highlighting the alarming rise in crypto crimes.
Investment Scams Lead to Massive Losses
- Investment scams accounted for 71 percent of crypto-related losses.
- Call center fraud represented about 10 percent of the total losses linked to cryptocurrency.
- As interest in crypto surged following a market recovery, criminal activity also escalated.
Michael Nordwall, assistant director of the FBI Criminal Investigative Division, noted the increasing use of cryptocurrency within the global financial system alongside its exploitation by criminal actors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.