- FBI reports significant crypto fraud losses among elderly Americans.
- Americans aged 60+ lost $2.84 billion.
- Total internet fraud losses reached $16.6 billion.
FBI’s Internet Crime Complaint Center published a report indicating Americans aged 60 and older suffered the most cryptocurrency fraud losses in 2024.
This highlights growing threats of crypto scams among vulnerable age groups, with widespread financial implications.
Elderly Americans Suffer $2.84 Billion Crypto Fraud Losses
The FBI’s Internet Crime Complaint Center (IC3) revealed that in 2024, Americans aged 60 and above reported the highest financial losses connected to cryptocurrency scams. The report indicates 33,369 complaints from this demographic, resulting in a substantial loss of $2.84 billion for the year.
The report shows a significant increase in internet-related crime, with total losses from all cybercrimes reaching $16.6 billion. “Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion. Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023,” remarked B. Chad Yarbrough, Operations Director for Criminal and Cyber, FBI, in the 2024 IC3 Annual Report. The data reflects a concentrated threat targeting older age groups, continuing a long-standing pattern of fraud targeting seniors.
Key figures such as B. Chad Yarbrough, FBI Operations Director, stated that fraud represented the largest portion of reported losses. Despite broader cybercrime trends, public figures have yet to issue direct responses regarding crypto scams targeting specific age groups.
Bitcoin Holds Strong Despite Rising Crypto Scams
Did you know? The largest internet-related financial loss reported by the FBI was $16.6 billion in 2024, driven primarily by fraud, including cryptocurrency scams.
Bitcoin’s price stands at $93,222.95 with a market cap of $1.85 trillion as per CoinMarketCap. The coin holds a 63.40% market dominance. Trading volume saw a 33.44% decline over 24 hours, with circulation at 19,855,325 coins.
Analysis from Coincu researchers suggests possible regulatory responses to increased crypto fraud losses, focusing on stricter safeguards to protect vulnerable demographics. Historical evidence suggests these measures typically follow patterns of increased scam reports.
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