Key Takeaways
- The FBI reported a 45% increase in crypto fraud cases in 2023.
- Investment scams accounted for 71% of the $5.6 billion lost.
- The FBI stresses the importance of rapid reporting to combat fraud.
The FBI’s Internet Crime Complaint Center (IC3) has reported a significant rise in crypto-related fraud.
In 2023, there were 69,468 complaints related to bitcoin and crypto, with losses totaling $5.6 billion, marking a 45% increase from the previous year.
Investment scams
Investment scams were responsible for 71% of these losses, making them the most common type of fraud.
These scams exploit people’s interest in bitcoin or crypto investments, often using deceptive schemes that promise high returns.
Other types of fraud, such as tech support and call center scams, accounted for around 10% of the losses.
Continued challenges
Despite challenges in tracking stolen funds, the FBI continues to work with other agencies to tackle the issue. The agency emphasizes that prompt reporting by victims is essential in fighting these scams.
The FBI is urging victims to come forward as soon as they suspect a scam, stating:
Rapid reporting is key to combating fraud.
