According to the most recent Federal Bureau of Investigation statement, Americans lost billions of dollars in 2023 from cryptocurrency scams.
According to Fox News, cryptocurrency scammers have discovered that it is simple to take despite claims from so-called “experts” and influencers that it was supposed to give Americans complete control of their own funds and was fully protected. Americans lost$ 5.6 billion in bitcoin schemes in 2023, which is a 45 % increase over the same period in 2022, according to the FBI report earlier this year.
In its IC3 statement, the FBI stated,” Over the years, cryptocurrency’s common development as an expense vehicle, combined with a mindset associated with the’ fear of missing out,’ has led to opportunities for criminals to targeted consumers and financial investors”.
More than 69, 000 people complained, with the majority of the people over the age of 60, according to the FBI’s Internet Crime Complaint Center ( IC3 ) in 2023.
Due to the higher probability that the victims are less knowledgeable with technology, according to Fox News, cryptocurrency scammers generally target people over the age of 60. In 2023, according to the FBI’s report, over 16 806 complaints were made by people over the age of 60, and they lost more than$ 1.6 billion in cryptocurrency scams.
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According to Fox News, investment fraud and relationship-building schemes are two of the most prevalent types of bitcoin scams. In the case of funding fraud, crypto scammers call, text, or internet individuals with the promise of big profits for investing in cryptocurrency. Scammers advise the victims to invest in bitcoin rapidly before sneezing out on the chance.
Scammers typically target people who have substantial cash to invest and lack technology experience. The FBI’s report showed that Americans lost$ 3.96 billion in investment fraud schemes in 2023, representing a 53 % increase from the$ 2.57 lost in 2022.
In relationship-building schemes, crypto scammers usually use social press, dating apps, networking sites, or encrypted messaging apps to establish relationships with various individuals before pushing for them to invest in bitcoin. Relationship-building scams frequently target individuals a second time, according to Fox News, by pretending to be crypto-recovery experts who can assist in recovering the stolen funds.
There is one thing these scammers typically wo n’t do, according to the FBI, and that’s that they wo n’t meet with you in person. The FBI has also warned Americans,” If an investment opportunity sounds too good to be true, it likely is”.