Senior Americans Top Cryptocurrency Fraud Targets in 2024, Losses to Nearly $3 Billion
A new report from the FBI shows that Americans aged 60 and over will be the group that will suffer the most losses of a total of $9.3 billion in cryptocurrency fraud in 2024, despite making up just 17% of the population. Cryptocurrency ATM and kiosk scams are on the rise.
In its recently released 2024 annual report, the FBI’s Internet Crime Complaint Center (IC3) sounded the alarm when it found that losses from cryptocurrency fraud reached a record $9.3 billion – a 66% increase from 2023.
Notably, seniors – those over 60 – were the biggest victims. They lost a total of nearly $2.8 billion, accounting for about 30% of all scams, while representing only about 17% of the U.S. population.
Average loss four times higher than the general rate
According to FBI data, the average loss for victims in the senior age group was $83,000, more than four times the average of $19,372 for online scams overall.
There were a total of 33,369 complaints from this age group related to cryptocurrency over the past year, indicating that they are a clear target for increasingly sophisticated scam campaigns.
“Scammers may change their appearance, but their goal remains the same: to steal money from Americans, especially those who are most vulnerable,” the FBI said in the report.
Cryptocurrency ATM Scams Are Booming
One of the more worrying trends is the rise in fraud involving cryptocurrency ATMs and kiosks — devices commonly found in convenience stores and malls. Cases involving this type of scam have nearly doubled in just one year.
The FBI said it has received 2,674 complaints from seniors, with total losses estimated at more than $107 million from ATM scams alone.
Fraudsters often pose as government employees, tech support staff, or even relatives, asking victims to withdraw money from retirement or investment accounts to load into cryptocurrency ATMs — transferring the money directly into the scammers’ wallets.
Investment scams remain the biggest threat
While new forms of fraud are emerging, cryptocurrency investment scams still account for the largest share of losses, costing seniors $1.6 billion in the past year. This is a common form in which scammers lure victims into investing in high-yield “projects” that are actually Ponzi schemes or outright fraud.
However, the FBI has also noted positive results from its response efforts. Through “Operation Level Up” – launched in January 2023 – the agency has identified and alerted thousands of potential victims, helping to prevent losses of up to $285 million.
The missing picture and a call for vigilance
The FBI says that the current reported numbers may still understate the true extent of the damage, as many victims do not report or do not know how to report incidents. The agency encourages the public, especially seniors and their families, to be aware of new forms of fraud and to promptly report any suspicious activity to prevent further damage.
“Protecting the public from cryptocurrency scams is not only the responsibility of law enforcement, but also requires the cooperation of individuals and families,” the FBI advised.