FBI 2024 Cryptocurrency Fraud Report Interpretation

Recently, the Federal Bureau of Investigation (FBI) released the "2024 Crypto Assets Fraud Report," which comprehensively analyzes the number of complaints related to Crypto Assets, the scale of losses, characteristics of victims, types of crimes, and asset recovery situations, based on data collected by the Cyber Crime Reporting Center in 2024. This article will provide an in-depth interpretation of the report's key points to help readers understand the latest trends and enhance their awareness and prevention capabilities against complex cybersecurity threats.

1. Overview of Complaint Data for 2024

Overall Situation

In 2024, the Cyber Crime Reporting Center received a total of 859,532 complaints, resulting in actual losses of $16.6 billion, an increase of 33% compared to 2023. Among these, 256,256 complaints involved actual financial losses, with an average loss of approximately $19,372 per incident. Cyber fraud accounted for 83% of the total losses.

Crypto Assets相关情况

Crypto Assets related complaints reached 149,686, resulting in a loss of 9.3 billion dollars, with the loss amount increasing by 66% year-on-year. The 60 and above age group is the main victim demographic.

population over 60 years old

This group submitted 147,127 complaints, reporting losses of $4.885 billion. The number of complaints increased by 46% year-on-year, while the amount of losses grew by 43% year-on-year. Among them, 7,500 people reported losses exceeding $100,000, with an average loss of up to $83,000.

2. Victim Group Analysis

Overall Age Distribution

• Under 20 years old: 17,993 complaints, a loss of 22.5 million dollars
• Ages 20-29: 71,399 complaints, losses of $540.1 million
• Ages 30-39: 108,899 complaints, losses of $1.4 billion
• Age 40-49: 112,755 complaints, losses of 2.2 billion USD
• Age 50-59: 84,540 complaints started, with a loss of $2.5 billion
• Age 60 and above: 147,127 complaints, losses of 4.8 billion dollars

Crypto Assets victim group

The group aged 60 and above has suffered the most serious losses in Crypto Assets investment scams, with 8,043 complaints and losses amounting to as high as $1.6 billion. This group has become a primary target for scammers due to their lack of fraud awareness and unfamiliarity with new payment methods.

3. Crime Type Analysis

Complaint Quantity Ranking

1. Phishing/Electronic Deception: 193,407 cases
2. Ransom: Starting at 86,415
3. Personal data breaches: 64,882 cases
4. Chargeback/Transaction Failure Fraud: 49,572 cases
5. Investment scams: 47,919 cases

Loss Amount Ranking

1. Investment Fraud: $6.57 billion
2. Business Email Scam ( BEC ): 2.77 billion USD
3. Technical support scams: $1.46 billion
4. Personal data breach: $1.45 billion
5. Chargeback/Transaction Failure Scams: $785 million

Crypto Assets related crimes

The most reported cases are extortion (47,054 cases) and investment fraud (41,557 cases). The largest losses are from investment fraud ($5.8 billion) and personal data breaches ($1.1 billion).

Main types of scams targeting the population over 60 years old

Most complaints: phishing, technical support, ransomware, personal data leakage, investment fraud. Maximum Loss: Investment Fraud, Technical Support, Emotional Fraud, Business Email Fraud, Personal Data Leakage.

4. Online Fraud and Asset Recovery

Overall situation of online fraud

In 2024, a total of 333,981 cases of online fraud complaints were received, resulting in a loss of $13.7 billion, accounting for 83% of the total annual loss. The main transaction methods include Crypto Assets, wire transfers, and credit card payments.

typical scam techniques

• Call center scams: 53,369 cases, losses of $1.9 billion
• Emergency Fraud (Impersonating Relatives for Help): 357 cases, loss of 2.7 million dollars
• Toll Road Fraud (SMS Phishing): 59,271 cases, loss of $129,000
• Gold Express Scam: 525 cases, loss of 219 million USD

Network Threat

Complaints related to network threats starting from 263,455 resulted in losses of 1.571 billion dollars. Major ransomware variants include Akira, LockBit, RansomHub, FOG, and PLAY.

Asset Recovery Results

• Relevant departments handled 3,020 freezing requests, freezing funds of 560 million USD, with a recovery success rate of 66%.
• "Upgrade Action" successfully notified 4,323 victims of encryption scams, recovering approximately $285 million in potential losses.
• Collaborated with Indian law enforcement to combat call center scams, resulting in the arrest of 215 individuals, a 700% increase year-on-year.
• Successfully frozen and recovered multiple large amounts of funds in financial fraud schemes.

5. Recommendations to Prevent Crypto Assets Scams

1. Stay alert and avoid the temptation of high returns: Investments that promise high returns with zero risk are often scams.
2. Verify the legitimacy of the trading platform: Use reputable, regulated exchanges, and avoid clicking on unknown links in social media advertisements.
3. Avoid transferring funds to strangers: Do not easily trust online "investment mentors" or "friends".
4. Be cautious of Crypto Assets ATM transactions: Scammers often ask victims to make payments through ATMs, so it is essential to stay vigilant.
5. Use Two-Factor Authentication (2FA): Enhance account security to prevent hacking.

Summary

The 2024 Crypto Assets Fraud Report shows that network crimes related to Crypto Assets are exhibiting new trends: cases of Crypto Assets have significantly increased, with the elderly becoming the primary victims; the methods of fraud have become more specialized and internationalized, and Crypto Assets have become the preferred tool for criminals to transfer funds.

Despite progress in asset recovery and international law enforcement cooperation, ordinary users still need to remain highly vigilant and effectively enhance their security awareness in light of the overall scale of losses and growth trends. For governments and financial institutions, continuously strengthening international cooperation, regulatory enforcement, and tracking the flow of funds will be key measures to curb cybercrime and improve enforcement efficiency.