With Cybersecurity Awareness Month in full swing, the FBI urges the public to stay vigilant

The FBI’s 2023 Cryptocurrency Fraud Report reveals that California experienced the highest cryptocurrency-related losses in the nation, totaling $1.15 billion. Within the FBI San Francisco Field Office’s territory, losses amounted to $260,313,902, with 1,226 victims across 15 counties, including Alameda, San Francisco, and Santa Clara. Nationally, 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.

"Cryptocurrency’s rapid adoption has made it a prime target for fraudsters," said Special Agent in Charge Robert Tripp. "We urge the public to stay vigilant and to report any suspected fraud to the FBI through the Internet Crime Complaint Center at ic3.gov."

FBI San Francisco 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 or call FBI San Francisco at (415) 553-7400.

View the full 2023 Cryptocurrency Fraud Report. 

For more information or media inquiries, email Media.sf@fbi.gov.