{"id":28886,"date":"2024-09-10T12:00:34","date_gmt":"2024-09-10T09:00:34","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28886"},"modified":"2024-09-10T10:27:28","modified_gmt":"2024-09-10T07:27:28","slug":"crypto-fraud-on-the-rise-fbi-reports-5-6b-in-losses","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-fraud-on-the-rise-fbi-reports-5-6b-in-losses\/","title":{"rendered":"Crypto Fraud on the Rise: FBI Reports $5.6B in Losses"},"content":{"rendered":"

A Monday study by the U.S. Federal Bureau of Investigations<\/strong> shows a 45% increase in losses linked to cryptocurrencies last year.<\/p>\n

In its yearly report<\/a>, the FBI’s Internet Crime Complaint Center<\/strong> notes approximately 69,000 crypto-related complaints leading to $5.6 billion in losses in 2023. About half of all the losses and ten percent of all financial fraud accusations came from cryptocurrencies.<\/p>\n

In 2023, persons over 60 registered the most complaints; customers in their 30s and 40s came second. The most often recorded crime in the report was investment fraud.<\/p>\n

“Over the years, cryptocurrencies’ widespread promotion as an investment vehicle combined with a mindset associated with the ‘fear of missing out’ has led to opportunities for criminals to target consumers and retail investors\u2014pparticularly those who seek to profit from investing but are unfamiliar with the technology and the accompanying risks,’<\/em>” the agency said in the report.<\/p>\n

Warnings on fraud connected to the cryptocurrency sector have been issued by federal agencies. The U.S. Commodity Futures Trading Commission issued an advisory earlier this year on dating and messaging apps used for frauds or investment advice distribution.<\/p>\n

The FBI<\/strong> cautioned Americans and anyone living abroad on Monday to be alert of fake employment ads connected to “labor trafficking at scam compounds overseas.”<\/em><\/p>\n

The FBI<\/strong> added, “These compounds hold workers against their will and use intimidation to force the workers to participate in scam operations.”\u00a0<\/em><\/p>\n

The agency’s research indicates that separately the use of crypto kiosks to “perpetrate false activity” is increasing.<\/p>\n

The agency said, “typically, criminals give detailed instructions to individuals, to include how to withdraw cash from their bank, how to locate a kiosk, and how to deposit and send funds using the kiosk,”<\/em> adding that QR codes and other payment innovations are enabling financial scams.<\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Monday study by the U.S. Federal Bureau of Investigations shows a 45% increase in losses linked to cryptocurrencies last year. In its yearly report, the FBI’s Internet Crime Complaint Center notes approximately 69,000 crypto-related complaints leading to $5.6 billion in losses in 2023. About half of all the losses and ten percent of all<\/p>\n","protected":false},"author":6,"featured_media":28888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1530,2351],"class_list":["post-28886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-fraud","tag-fbi"],"yoast_head":"\nCrypto Fraud on the Rise: FBI Reports $5.6B in Losses - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-fraud-on-the-rise-fbi-reports-5-6b-in-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Fraud on the Rise: FBI Reports $5.6B in Losses - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"A Monday study by the U.S. Federal Bureau of Investigations shows a 45% increase in losses linked to cryptocurrencies last year. 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