TULSA, Okla. — Oklahoma consumers lost millions to cryptocurrency scams in 2024 as part of a national epidemic. One that cost Americans as a whole a staggering $9.3 billion – a 66% spike from the previous year.
Experts emphasize that most losses are preventable with proper knowledge.
The Shocking Numbers
The FBI's latest Internet Crime Report reveals the scale of crypto fraud has exploded beyond all expectations:
- $9.3 billion lost to crypto scams nationwide in 2024
- An additional $246.7 million stolen through crypto ATMs alone
- 66% increase from 2023, making it the fastest-growing fraud category
Who's Most at Risk?
New data reveals a troubling trend: while younger people encounter scams more often, the financial impact varies dramatically by generation:
- Gen Z: 43% report engaging with scam attempts
- Millennials: 39%
- Gen X: 22%
- Baby Boomers: 14%
The Reality: Nearly half of young crypto users (46% Gen Z, 49% Millennials) have personally experienced crypto fraud or know someone who has, with average losses reaching $3,300 per severe case.
The New Crypto Scam Playbook
1. "Pig Butchering" - The #1 Threat (33% of all crypto scams)
- Starts with a "wrong number" text
- Scammers spend weeks building fake relationships
- Gradually introduce "investment opportunities"
- Red flag: They never want to meet in person
2. Fake Investment Platforms (50% of crypto scams)
- Professional-looking websites with fake growth charts
- Allow small withdrawals initially to build trust
- Demand larger deposits before revealing the fraud
3. AI-Enhanced Romance Scams
- Using deepfake technology and AI-generated content
- "Love bombing" victims with overwhelming affection
- Combining emotional manipulation with investment pressure
Red Flags Every Consumer Must Know
🚩 Unsolicited contact through "wrong number" texts
🚩 Pressure to invest quickly in crypto
🚩 Guaranteed returns or unrealistic profit promises
🚩 Requests for private wallet keys or credentials
🚩 Can't withdraw funds from investment platforms
🚩 Online romantic interest suggesting crypto investments
Consumer Protection Action Steps
Before Investing:
- Research any platform thoroughly - check with SEC and CFTC
- Never share private keys or wallet credentials
- Be suspicious of unsolicited investment advice
- Trust your instincts if something feels rushed or too good to be true
If Targeted:
- Report to FBI's IC3.gov immediately
- File complaints with FTC at reportfraud.ftc.gov
- Contact local law enforcement
- Warning: Many "crypto recovery services" are additional scams
The Recovery Reality
Unlike traditional bank fraud, many cryptocurrency transactions are irreversible.
This makes prevention the best protection consumers have against these sophisticated schemes.
CNC Intelligence CEO, Matthew Stern, told 2 News there's no need to be polite to people who call, email, or text you out of the blue trying to lure you in with offers of "guaranteed profits" or "big pay outs."
"The scammers are getting very good at exploiting our vulnerabilities which are usually emotional, Stern said. "The scammers they,they prey on our politeness."
He added your best protection is, "Cut off all contact. Don't open emails, don't answer the phone. The sooner you cut contact, the better. Any type of contact is a vulnerability."
Call to Action
You can also protect yourself and your family by:
- Sharing this information with loved ones, especially elderly relatives
- Reporting suspicious activity immediately
- Never invest in crypto based on unsolicited advice
- Remembering: if it sounds too good to be true, it probably is.
"This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy."
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