BBB Fraud Epidemic: Rising Crypto-related Scams Highlight Urgent Threat
BBB Fraud Spike: FBI's Warning About Crypto-related Scams
In 2023, BBB fraud cases skyrocketed by 45%, as reported by the FBI. Victims disclosed losses exceeding $5.6 billion linked to cryptocurrency scams. A significant portion of these losses, nearly $4 billion, stemmed from investment scams that have reached epidemic proportions.
Investment Scams and Their Impact
- Investment-related losses: $4 billion reported in 2023, doubling from $2.57 billion in 2022.
- The FBI's new report specifically addresses crypto-related fraud, a first in their annual data.
The FBI is increasing efforts to publicize the risks and prompt faster reporting by victims to retrieve stolen funds. With many individuals experiencing debilitating financial consequences, the risk of falling victim to these scams is greater than ever. The report is a strong reminder that overseas scammers remain a persistent threat to the American public.
Demographics of Fraud Victims
- Individuals over 60 reported losses totaling $1.6 billion.
- Crypto-related scams affect a wide demographic, with all ages susceptible.
The FBI noted that cryptocurrencies are increasingly being used as currency by scammers conducting a variety of digital crimes. As awareness grows, victims can hopefully recover from these devastating scams.
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.