In 2024, the FBI’s Internet Crime Complaint Center (IC3) released its annual report, revealing an alarming increase in crypto-related fraud. The numbers show that American seniors, particularly those aged 60 and older, are being hit hardest by these scams.
Let’s break down what this means and how it’s affecting older Americans.
In 2024, crypto-related fraud in the U.S. reached an all-time high of $9.3 billion, marking a 66% increase from the previous year’s losses of $5.6 billion. This sharp rise highlights just how prevalent and dangerous crypto scams have become, particularly for vulnerable populations.
One of the most troubling trends revealed by the FBI is the impact on elderly Americans. While people aged 60 and older make up only about 17% of the U.S. population, they accounted for 30% of all crypto-related fraud losses in 2024. That’s nearly $2.8 billion.
Older Americans are often targeted by crypto fraudsters for several reasons:
- Less Familiar with Crypto: Many older individuals may not fully understand how cryptocurrencies work. This lack of knowledge makes them more susceptible to scams that promise big returns or sound too good to be true. 💻🔒
- Loneliness and Trust: Some seniors may be more trusting or…