US crypto scams cause $11 billion losses, FBI warns of rising AI fraud

The FBI’s Internet Crime Complaint Center reported that cybercrime losses in the United States totalled a record $20.9 billion in 2023, with cryptocurrency‑related fraud accounting for $11 billion—more than half of the total. Investment scams were the largest single category at $10.7 billion. The report highlighted that older Americans were disproportionately targeted and that California, Texas and Florida suffered the highest crypto‑scam losses. In response, the FBI has frozen over 3,000 illicit crypto wallets, protecting assets valued at more than $500 million, and announced plans to expand enforcement and asset‑recovery efforts.

Separately, experts note that scammers are increasingly using artificial‑intelligence tools to craft highly convincing phishing emails, texts and voice‑cloned calls. AI‑generated messages often lack typos but may reuse public information, mimic reputable senders, or employ overly formal language. Awareness of these tactics—checking sender details, looking for unusual requests, and verifying claims through independent channels—remains essential for avoiding fraud.