Crypto scams against seniors jumped 78% in 2022

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Crypto and Web3 have unrealized potential, but lack of regulation over the years has led to speculative bubbles and Ponzi schemes, says Joe Lonsdale.

The Federal Bureau of Investigation’s latest Senior Citizen Fraud Report found that America’s seniors were robbed of more than $1 billion through cryptocurrency scams last year, an increase a staggering 78% from 2021, leading experts warning older Americans to be on the lookout and protect themselves.

Latest FBI data shows crypto scams against seniors topped $1 billion in 2022. (iStock/iStock)

Bankless Times recently analyzed the data and reported a fourfold increase in crypto crime over the past 12 months, noting that the most common scams in 2022 were investment-related.

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“Beware of unsolicited messages, emails or social media contacts, especially if they promote investment opportunities or giveaways,” BanklessTimes.com CEO Jonathan Merry warned. in a press release.

Crypto crimes against seniors jumped 78% last year. (Reuters/Dado Ruvic/Illustration/Reuters Photos)

“Scammers often use these methods to target unsuspecting individuals,” Merry continued. “Always check the legitimacy of such offers with independent sources or discuss them with a parent before taking any action.”

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The outlet noted that the spike in crypto crimes targeting Americans aged 60 and over is particularly alarming given data indicating that more than half of seniors admit to having little or no knowledge of cryptocurrencies, and highlighted several red flags that may signal that a loved one has fallen victim to this type of fraud.

Experts are warning caregivers and loved ones about red flags that could indicate a senior has fallen victim to crypto fraud. (iStock/iStock)

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Bankless Times reports that some of the warning signs that an older person is falling victim to crypto crimes include opening an account at a crypto exchange without having prior knowledge of digital currencies, making numerous transfers to a crypto wallet to unexplained reasons, making frequent purchases of crypto assets and making large withdrawals from their bank or retirement accounts to purchase cryptocurrencies.

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