FBI: Seniors Lost $2.8 Billion to Crypto Scams in 2024, Highest Among All Age Groups

In Brief:

Americans over 60 suffered nearly 30% of 2024’s $9.3B in crypto fraud losses.

FBI highlights rise in crypto ATM scams and investment fraud targeting the elderly.

‍
According to the FBI’s latest annual report, elderly Americans were the most affected demographic in the record-setting $9.3 billion in crypto fraud losses reported in 2024. The report from the Internet Crime Complaint Center (IC3), released Wednesday, reveals that individuals aged 60 and older accounted for $2.8 billion—or 30%—of total crypto scam losses, despite making up only 17% of the U.S. population.

The agency recorded over 33,000 complaints from senior citizens, with an average loss of $83,000 per victim—more than four times the average for other types of online crime.

The FBI warns that these figures likely understate the true scale of the problem, as many incidents go unreported. A major area of concern is the rise in crypto ATM fraud, which saw nearly double the number of incidents from 2023. These machines, while convenient, have become key targets for scammers, particularly against older individuals.

Investment fraud remains the leading type of scam affecting seniors, contributing to $1.6 billion in losses in 2024. Victims are often directed to withdraw funds from retirement or investment accounts and send crypto through ATM kiosks or unregulated platforms.

In response, the FBI launched initiatives like Operation Level Up, which has already saved victims an estimated $285 million by proactively identifying fraud patterns and notifying targets before transfers are completed.

‍