More than 46,000 Americans have been taken in by crypto scams since last year, a new FTC report finds.
Crypto-based con jobs now account for a fourth of all dollars lost to such fraud, taking in more than 46,000 people from the beginning of 2021 through March, the report found. The losses in crypto last year were almost 60 times what they were in 2018.
And those numbers likely represent a small fraction of the total losses, since most of the crimes go unreported, according to Emma Fletcher, the FTC senior data researcher who wrote the report. Investment scams promising swift and easy paydays account for the bulk of the crypto fraud, totaling $575 million in losses. Fraudsters frequently lure victims on social media, then show their investments making fake gains. In some cases, the FTC found, investors successfully complete “test” withdrawals, convincing them the arrangement is sound and encouraging them to plow in more money that they are then unable to recover.
Fletcher said potential crypto investors, in addition to being wary of promises of big returns or enticements from dating app matches, should steer clear of pitches on social media. “Even when it’s somebody who may very well be their friend, the account could have been hacked,” she said.
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