The FBI released its 2023 Cryptocurrency Fraud Report on September 9. In 2023, the FBI’s Internet Crime Complaint Center received over 69,000 complaints related to cybercrime and financial fraud involving cryptocurrency, with reported losses exceeding $5.6 billion.
Criminals use cryptocurrencies in various schemes, including tech support scams, romance scams, investment fraud, and government impersonation. Investment fraud was the most reported and costly, with approximately $3.9 billion in losses.
“Cryptocurrency scams targeting investors are growing more severe and complex,” said FBI Director Christopher Wray. “The best way to combat these crimes is by reporting them to ic3.gov, even if no financial loss occurred. This helps us track emerging schemes and technologies used by criminals, keeping the public informed and allowing us to take action.”
In 2022, the FBI established the Virtual Assets Unit (VAU), a specialized team focused on cryptocurrency-related crimes. The VAU consolidates the FBI’s expertise in this area, providing advanced blockchain analysis, training, and virtual asset seizure capabilities.
The FBI, along with the Department of Justice’s National Cryptocurrency Enforcement Team and other partners, is committed to investigating and prosecuting those who misuse cryptocurrency to defraud the public.
To report incidents, the FBI encourages the public to visit ic3.gov, even if there was no financial loss.
Here are some tips to protect yourself from cryptocurrency fraud:
- Criminals often create a sense of urgency and isolation.
- If you receive an unsolicited call from someone claiming to represent a known company or government agency, hang up and research the official contact information to verify.
- No legitimate law enforcement or government official will request payment via cryptocurrency.
- Never share personal information without verifying the other party’s identity.
- Be wary of investment offers from strangers or long-lost contacts on social media.
- Check the validity of websites, especially cryptocurrency exchanges, as scammers often use fake sites with slight differences in the URL.
- Don’t download or use suspicious apps for investments unless verified.
- If an investment sounds too good to be true, it likely is.
- Investment always carries risks. If in doubt, consult a licensed financial advisor.
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By FCCT Editorial Team