Overall investment losses last year increased 38 percent to $4.57 billion.
Although scammers target all age groups, people above 60 years of age are very vulnerable.
The year 2023 witnessed a staggering increase in cryptocurrency-related investment frauds, with a total loss of approximately $3.94 billion, marking a significant jump of 53 percent from the previous year. This data, as reported by the United States Federal Bureau of Investigation (FBI), is a stark reminder of the growing threat of investment fraud.
The total losses from investment frauds, including other types, also surged 38 percent, reaching a staggering $4.57 billion.
“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” the report by the FBI stated.
Old Peoples Were Very Vulnerable
The data from the FBI report reveals a concerning trend, the majority of victims of investment scams in the past year were above 30 years of age. More alarmingly, a significant number of complaints, 6,404 to be precise, were received from individuals above 60.
Over the years, many regulators globally have warned against investment scams, like phishing, clones of legitimate platforms, and rampant romance scams. Fraudsters even impersonated the officials of regulators, trying to extort money from potential victims.
Although the number of reported phishing attempts marginally dropped to 298,878 from 300,497, the rise in losses indicates other tactics adopted by the fraudsters.
Rising Losses to Scams
The report further considered complaints about many other types of scams that took the total losses in 2023 to $12.5 billion. Scammers primarily targeted the age group beyond 60 years, who lost about $3.4 billion. Further, the losses appeared to be increasing by age group: people aged between, 20 and 29 years, lost $360.7 million, 30 to 39 years, lost $1.2 billion, 40 to 49 years, lost $1.5 billion, and 50 to 59 years, lost $1.7 billion.
Earlier, the FBI issued multiple warnings against the rampant cryptocurrency scams. It also alarmed the public against fraudsters claiming to have the ability to recover lost cryptocurrencies.
Meanwhile, the cryptocurrency market is going through a bullish cycle, with Bitcoin hitting an all-time-high value beyond $70,000. Such optimism creates opportunities for scammers.
The year 2023 witnessed a staggering increase in cryptocurrency-related investment frauds, with a total loss of approximately $3.94 billion, marking a significant jump of 53 percent from the previous year. This data, as reported by the United States Federal Bureau of Investigation (FBI), is a stark reminder of the growing threat of investment fraud.
The total losses from investment frauds, including other types, also surged 38 percent, reaching a staggering $4.57 billion.
“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” the report by the FBI stated.
Old Peoples Were Very Vulnerable
The data from the FBI report reveals a concerning trend, the majority of victims of investment scams in the past year were above 30 years of age. More alarmingly, a significant number of complaints, 6,404 to be precise, were received from individuals above 60.
Over the years, many regulators globally have warned against investment scams, like phishing, clones of legitimate platforms, and rampant romance scams. Fraudsters even impersonated the officials of regulators, trying to extort money from potential victims.
Although the number of reported phishing attempts marginally dropped to 298,878 from 300,497, the rise in losses indicates other tactics adopted by the fraudsters.
Rising Losses to Scams
The report further considered complaints about many other types of scams that took the total losses in 2023 to $12.5 billion. Scammers primarily targeted the age group beyond 60 years, who lost about $3.4 billion. Further, the losses appeared to be increasing by age group: people aged between, 20 and 29 years, lost $360.7 million, 30 to 39 years, lost $1.2 billion, 40 to 49 years, lost $1.5 billion, and 50 to 59 years, lost $1.7 billion.
Earlier, the FBI issued multiple warnings against the rampant cryptocurrency scams. It also alarmed the public against fraudsters claiming to have the ability to recover lost cryptocurrencies.
Meanwhile, the cryptocurrency market is going through a bullish cycle, with Bitcoin hitting an all-time-high value beyond $70,000. Such optimism creates opportunities for scammers.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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