TULSA, Okla. — Cryptocurrency scams caused losses totaling over $9 billion in 2024.
This marks a significant increase from just over $5 billion in losses reported the previous year, according to theFBI’s Internet Crime Report for 2024.
Shari Jacobs shared her experience to show how scammer trick their targets.
She was excited when a supposed crypto investment opportunity contacted her via Instagram. She initially felt she was making a smart investment.
“They started investing on my behalf, and the money was literally going up in increments. It never went down,” Jacobs said, as her initial $300 investment ballooned over $9,000 in just a few days — or so it seemed.
However, when she wanted to pull out her profits she was told she first needed to pay a one-time withdrawal fee of $1,500. Jacobs, believing she could access her funds, paid the fee in Bitcoin.
Soon after, she received an email from the investment company's so-called customer service department claiming a further fee of $2,500 was needed for the IRS to process the withdrawal.
According to the FBI's 2024 Internet Crime Reports, investment schemes like the one that tricked Jacobs jumped 47 percent between 2023 and 2024.
During the same timeframe, complaints about requirements to use QR codes or ATMs to pay using cryptocurrency increased by 99 percent.
To protect yourself from such scams, the Federal Trade Commission advises being cautious of unsolicited phone calls, texts, or emails offering big profits for little or no risk. If you receive one of these messages, hanging up or deleting it and blocking the sender is best.
You can also report these crimes to Federal Trade Commission at ReportFraud.ftc.gov or to the FBI's Internet Crime Complaint Center.
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