Elderly People The Most Affected By Crypto Fraud, Says FBI

A new report from the FBI’s Internet Crime Complaint Center (IC3) has revealed that individuals aged 60 and above were the most targeted group in cryptocurrency-related crimes throughout 2024, both in terms of the number of complaints and total financial losses.

According to the IC3’s 2024 Annual Report, Americans over the age of 60 filed 147,127 complaints, a 46% increase from 2023. These cases accounted for more than $4.9billion in losses, representing a 43% jump year-over-year. Crypto fraud alone was responsible for $2.84bn in damages, the highest amount across all age brackets.

Crypto investment scams hit seniors the hardest

The data shows that out of the 149,686 cryptocurrency-related complaints filed in 2024, seniors submitted over 33,000, surpassing any other age group. Investment schemes made up the bulk of the damage. More than 8,000 victims over 60 fell prey to fraudulent crypto investment opportunities, losing approximately $1.6b.

These scams often began innocently, through unsolicited messages, dating apps, or social media, before escalating into high-pressure investment solicitations.

One particularly insidious method highlighted in the report is known as ‘pig-butchering’, where scammers build trust with victims over time before manipulating them into depositing funds into fake crypto platforms. The FBI’s Operation Level Up, launched to combat such schemes, helped identify over 4,300 victims and prevent losses of nearly $285m.

Crypto ATMs: A new vulnerability

The FBI also noted a sharp rise in schemes involving cryptocurrency ATMs and kiosks, which saw a 99% increase in usage among elderly victims.

These methods often involve QR codes, impersonated customer support agents, and cash payments converted directly into crypto, making recovery nearly impossible. Total losses through this channel topped $246.7m across all age groups.

In most cases, scammers instructed victims to withdraw large sums of money, convert it to crypto via an ATM, and scan a QR code that routed the funds to fraudulent wallets. The ease of use and low traceability of these machines have made them an increasingly common tool for fraud.

Industry-wide warning

Overall, investment-related fraud dominated the cybercrime landscape in 2024, with $6.57b in reported losses. Cryptocurrency was involved in most of these cases, accounting for a staggering $9.3bn in damages across all demographics, a 66% increase from 2023.

The IC3 emphasized the urgent need for public awareness, especially among senior citizens who may be unfamiliar with crypto technology. The agency urges victims to report incidents as quickly as possible to maximize the chance of recovery.

As digital asset adoption expands, so does the need for education and vigilance. For elderly Americans, understanding the risks and recognizing red flags is now more critical than ever.