The FBI on September 9 released its Cryptocurrency Fraud Report for 2023. In 2023, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses.
Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023 and also saw the most reported losses, with about $3.9 billion lost.
“Scams targeting investors who use cryptocurrency are skyrocketing in severity and complexity,” said FBI Director Christopher Wray. “The best way to help stop these crimes is for people to report them to ic3.gov, even if they did not suffer a financial loss. The information allows us to stay on top of emerging schemes and criminals’ use of the latest technologies, so we can keep the American public informed and go after those who commit these crimes.”
In 2022, the FBI formed the Virtual Assets Unit (VAU), a specialized team dedicated to investigating cryptocurrency-related crimes. The VAU centralizes the FBI’s cryptocurrency expertise, providing technological equipment, blockchain analysis, virtual asset seizure training, and other sophisticated training for FBI personnel.
The FBI, along with the Department of Justice’s National Cryptocurrency Enforcement Team and other partners, works hard to investigate and prosecute those who abuse cryptocurrency to defraud the American people.
The FBI encourages the public to submit complaints through ic3.gov, even if a financial loss did not occur.
Below are some tips to protect yourself from cryptocurrency schemes:
- Criminals will seek to instill a sense of urgency and isolation.
- When receiving an unsolicited call by an unknown caller claiming to work for a well-known company or government agency, hang up and independently research the company or agency’s publicly published phone number and call it to confirm authenticity of the original call.
- No legitimate law enforcement or government official will call to demand payment via a cryptocurrency kiosk.
- Never give personally identifying information to anyone without verifying the person is who they say they are.
- Verify the validity of any investment opportunity strangers or long-lost contacts offer on social media websites. If you have never met an individual in real life, even if you have spoken on the phone or video chatted, be very cautious of accepting investment advice or opportunities.
- Be on the lookout for domain or website names that impersonate legitimate financial institutions, especially cryptocurrency exchanges.
- Fraudulent businesses often use website addresses that mimic real financial institutions, but are often slightly different, to convince people the fraudulent website is legitimate.
- Do not download or use suspicious-looking apps as a tool for investing unless you can verify the legitimacy of the app.
- If an investment opportunity sounds too good to be true, it likely is. Be cautious of get-rich-quick schemes.
- Investment involves risk. Individuals should invest based on their financial objectives and financial resources and, if in any doubt, should seek advice from a licensed financial adviser.
If you believe you are a victim of fraud or someone you know—regardless of financial loss—and you are not under imminent threat, please report the fraud to FBI’s Internet Crime Complaint Center at ic3.gov.
You can view the full 2023 Cryptocurrency Fraud Report at ic3.gov/Media/PDF/AnnualReport/2023_IC3CryptocurrencyReport.pdf.
Subscribe to our FREE Newsletter
