Summary
TLDR: FBI reports a 53% increase in cryptocurrency scams in 2023, with investment fraud rising to $3.94 billion. Online fraud losses total over $12.5 billion, with email swindlers using cryptocurrencies to collect funds. Despite this, Chainalysis argues that globally, funds stolen through crypto scams have been decreasing. Fraud is on the decline, but romance schemes may be going under the radar.
Key Points
1. Crimes involving cryptocurrency scams have seen a 53% year-over-year increase in 2023, with investment fraud related to cryptocurrency rising from $2.57 billion in 2022 to $3.94 billion in 2023.
2. Online fraud losses exceeded $12.5 billion in 2023, up 22% from the previous year, with scams involving business email compromise accounting for $2.9 billion of total losses.
3. Despite the increase in crypto-related schemes, globally, funds stolen through crypto investment scams have been decreasing in recent years, with scamming revenues trending down since 2021 according to Chainalysis analysts.