US crypto scams cost nearly $150 billion in 2023, CFA says
The Consumer Federation of America (CFA) estimates that online scams cost Americans about $148.2 billion in 2023, roughly seven times the $20.9 billion reported to the FBI. More than half of the reported losses involved cryptocurrency, with FBI data showing $11.37 billion in crypto-related scams and CFA projecting the true figure at $80.7 billion. Investment fraud accounted for $8.6 billion in reported losses, which CFA estimates could be $61.4 billion. Older Americans over age 60 lost $4.4 billion to crypto fraud, representing nearly 40% of crypto losses.
In a related enforcement action, U.S. Department of Justice and Secret Service agents seized over $25 million in cryptocurrency tied to international romance and investment fraud schemes. The seizure is part of a broader campaign that has recovered more than $800 million since November 2022, underscoring federal efforts to combat large‑scale crypto crime.
Entities: Consumer Federation of America · Federal Bureau of Investigation · Secret Service · U.S. Department of Justice
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Investment fraud reported $8.6 billion in losses; the CFA estimates the true amount at $61.4 billion. (FBI and CFA)
- [● 2 SOURCES] The CFA estimates true crypto‑scam losses at $80.7 billion. (Consumer Federation of America)
- [● 2 SOURCES] Crypto‑related scams accounted for $11.37 billion in reported losses in 2023. (FBI)
- [● 2 SOURCES] The FBI reported $20.9 billion in total scam losses for 2023. (FBI Internet Crime Complaint Center)
- [○ 1 SOURCE] Americans over age 60 lost $4.4 billion to crypto fraud in 2023. (CFA)
- [● 2 SOURCES] The Consumer Federation of America estimates total online scam losses in the United States for 2023 at $148.2 billion. (CFA)
- [○ 1 SOURCE] The DOJ’s Scam Center Strike Force has recovered more than $800 million since November 2022. (Department of Justice)
- [○ 1 SOURCE] U.S. Department of Justice and Secret Service seized over $25 million in cryptocurrency linked to romance and investment fraud. (U.S. DOJ)