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The FBI revealed alarming statistics of financial losses for the year.
According to the FBI, 2023 was a record year for the scale of cryptocurrency fraud, and losses from such crimes exceeded $5.6 billion. The data is based on nearly 70,000 complaints received through the Internet Crime Complaint Center (IC3). The increase in losses was 45% year-over-year, which is mainly due to investment fraud, which accounts for 71% of all cryptocurrency losses.
The main reasons for the increase in losses were scams related to investments, which account for a significant part of the damage. Among other types of crimes, there are fraud with technical support, call centers and cases when attackers posed as representatives of government agencies.
US citizens suffered the largest losses - their losses amounted to $ 4.8 billion. Other countries affected by cryptocurrency scams include the Cayman Islands ($196 million), Mexico ($127 million), Canada ($72 million), the United Kingdom ($59 million), India ($44 million), and Australia ($25 million).
Number of reports and total losses
In its report, the FBI noted several trends in cryptocurrency fraud that have become most prevalent in 2023. One of the main schemes was the so-called Pig Buthering, where attackers use dating apps and social networks to lure victims to fraudulent sites.
Another popular scheme is related to liquid mining scams, when victims are promised high returns for placing assets in liquid pools. Also, criminals created fake gaming applications allegedly based on blockchain technology, offering rewards in cryptocurrency to lure access to users' wallets.
A special place in the fraud was occupied by schemes with the "recovery" of cryptocurrency. In these cases, the attackers contacted victims of previous frauds and offered fake services to recover stolen funds. At the same time, the criminals demanded an advance payment for their "services".
The IC3 report also provides recommendations on how to protect yourself from cryptocurrency scammers. The main tips are as follows:
The FBI emphasizes that the decentralized nature of cryptocurrency and the inability to reverse transactions attracts fraudsters, which makes it important to pay increased attention to the security of users.
Source
According to the FBI, 2023 was a record year for the scale of cryptocurrency fraud, and losses from such crimes exceeded $5.6 billion. The data is based on nearly 70,000 complaints received through the Internet Crime Complaint Center (IC3). The increase in losses was 45% year-over-year, which is mainly due to investment fraud, which accounts for 71% of all cryptocurrency losses.
The main reasons for the increase in losses were scams related to investments, which account for a significant part of the damage. Among other types of crimes, there are fraud with technical support, call centers and cases when attackers posed as representatives of government agencies.
US citizens suffered the largest losses - their losses amounted to $ 4.8 billion. Other countries affected by cryptocurrency scams include the Cayman Islands ($196 million), Mexico ($127 million), Canada ($72 million), the United Kingdom ($59 million), India ($44 million), and Australia ($25 million).
Number of reports and total losses
In its report, the FBI noted several trends in cryptocurrency fraud that have become most prevalent in 2023. One of the main schemes was the so-called Pig Buthering, where attackers use dating apps and social networks to lure victims to fraudulent sites.
Another popular scheme is related to liquid mining scams, when victims are promised high returns for placing assets in liquid pools. Also, criminals created fake gaming applications allegedly based on blockchain technology, offering rewards in cryptocurrency to lure access to users' wallets.
A special place in the fraud was occupied by schemes with the "recovery" of cryptocurrency. In these cases, the attackers contacted victims of previous frauds and offered fake services to recover stolen funds. At the same time, the criminals demanded an advance payment for their "services".
The IC3 report also provides recommendations on how to protect yourself from cryptocurrency scammers. The main tips are as follows:
- Be skeptical of promises of easy profits;
- Always check the legitimacy of investment platforms before investing;
- Meet with a financial advisor in person, and if he refuses, this is a red flag;
- Use separate cryptocurrency wallets for games and investments;
- Periodically check wallet access permissions through trusted tools and revoke access if necessary;
- Avoid liquid mining, which does not take into account market fluctuations;
- Be wary of private companies offering stolen cryptocurrency recovery services if they require an upfront payment;
- Independently verify the identity of callers by calling back using contact details available in open sources.
The FBI emphasizes that the decentralized nature of cryptocurrency and the inability to reverse transactions attracts fraudsters, which makes it important to pay increased attention to the security of users.
Source
