FBI Reports Surge in Cryptocurrency Fraud, With $5.6 Billion in Losses

The Federal Bureau of Investigation (FBI)’s Internet Crime Complaint Center (IC3) revealed in its Cryptocurrency Fraud Report for the year 2023

Cryptocurrency fraud complaints in the United States have seen a dramatic surge, with over 69,000 cases and $5.6 billion in losses reported to the Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3) in 2023. This marks a substantial increase compared to the previous year.

According to the FBI's Cryptocurrency Fraud Report for 2023, the majority of these losses stemmed from investment scams, highlighting the growing exploitation of digital currencies by fraudsters. The report states that crypto fraud complaints now account for nearly half of the total losses from all financial fraud types reported to the IC3.

Highlighting the growing prevalence of crypto fraud, the FBI noted that while cryptocurrency complaints only comprised 10% of the total financial fraud complaints received by the IC3 in 2023, they nevertheless accounted for nearly half of the total monetary losses.

Of the various fraud categories, investment scams were found to be the most pervasive, with losses from crypto-related investment scams accounting for an astonishing 71% of all losses linked to cryptocurrency. In contrast, other types of fraud, such as tech support and call center scams, were found to have incurred lower percentages of the total losses.

“The exploitation of cryptocurrency was most pervasive in investment scams, where losses accounted for almost 71 percent of all losses related to cryptocurrency,” the report noted.

Furthermore, the report stated that “call center frauds, including tech/customer support scams and government impersonation scams, accounted for about 10 percent of losses associated to cryptocurrency.”

The IC3 plays a crucial role in analyzing complaints and trends to aid in the development of investigative strategies by the FBI and its law enforcement partners. These efforts are aimed at combating cryptocurrency fraud and safeguarding the public from financial losses.

Victims of cryptocurrency fraud are strongly encouraged to report their cases promptly to the FBI's IC3. As highlighted by the FBI, “rapid reporting is key to combating fraud.”

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