The FBI on September 9 released the Cryptocurrency Fraud Report for 2023. In 2023, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses. 
 
Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023, and also saw the most reported losses, with about $3.9 billion lost.  
 
“As the use of cryptocurrencies grows in popularity for investors, criminals are deploying increasingly complex tactics to deceive and exploit the public,” said Wayne A. Jacobs, special agent in charge of FBI Philadelphia. “We urge consumers to stay vigilant when navigating this landscape and to report any suspected fraud to the FBI through the Internet Crime Complaint Center at ic3.gov.”  
 
Both Pennsylvania and New Jersey were in the top 10 states for most reported complaints and for reported victim losses.  
 
In 2023, Pennsylvania was ranked eighth for reported complaints, with over 1,770 reported complaints, totaling around $123.5 million in reported losses. In 2023, New Jersey was ranked ninth for reported complaints, with over 1,730 complaints, and ranked fifth in reported victim losses, with over $179.4 million in reported losses.  
 
FBI Philadelphia encourages the public to submit reports of fraud, or suspected fraud, through ic3.gov, even if a financial loss did not occur.  

Below are some tips to protect yourself from cryptocurrency schemes: 

• Criminals will seek to instill a sense of urgency and isolation. 
• When receiving an unsolicited call by an unknown caller claiming to work for a well-known company or government agency, hang up, independently research the company or agency’s publicly published phone number, and call it to confirm authenticity of the original call. 
• No legitimate law enforcement or government official will call to demand payment via a cryptocurrency kiosk. 
• Never give personally identifying information to anyone without verifying the person is who they say they are. 
• Verify the validity of any investment opportunity strangers or long-lost contacts offer on social media websites. If you have never met an individual in real life, be very cautious of accepting investment advice or opportunities. 
• Be on the lookout for domain or website names that impersonate legitimate financial institutions, especially cryptocurrency exchanges. 
• Fraudulent businesses often use website addresses that mimic real financial institutions, but are often slightly different, to convince people the fraudulent website is legitimate. 
• Do not download or use suspicious-looking apps as a tool for investing unless you can verify the legitimacy of the app. 
• If an investment opportunity sounds too good to be true, it likely is. Be cautious of get-rich-quick schemes. 

If you believe you are a victim of fraud or someone you know—regardless of financial loss—and you are not under imminent threat, please report the fraud to FBI’s Internet Crime Complaint Center at ic3.gov.

FBI Philadelphia can be reached at 215-418-4000.  

You can view the full 2023 Cryptocurrency Fraud Report at ic3.gov/Media/PDF/AnnualReport/2023_IC3CryptocurrencyReport.pdf.

Resources:

• Full 2023 Cryptocurrency Fraud Report: ic3.gov/Media/PDF/AnnualReport/2023CryptocurrencyState/StateReport.aspx#?s=33
• Pennsylvania 2023 Report: ic3.gov/Media/PDF/AnnualReport/2023CryptocurrencyState/StateReport.aspx#?s=42
• New Jersey 2023 Report: ic3.gov/Media/PDF/AnnualReport/2023CryptocurrencyState/StateReport.aspx#?s=33