Cryptocurrency-related scams accounted for more than half of all scam and cybercrime losses reported to the FBI last year, with total reported losses reaching $11.37 billion. The Consumer Federation of America (CFA), an alliance of non-profit consumer groups, estimates that the true losses are significantly higher, at $80.7 billion, when unreported cases are factored in.
Estimated Losses Far Exceed Official Reports
The CFA based its findings on FBI data, which showed a 22% annual increase in reporting crypto-related scam losses last year. The organization applied a multiplier of 7.1, drawn from a 2017 Bureau of Justice Statistics survey that found only 14% of fraud victims report their losses to authorities. According to CFA, this approach likely yields a conservative estimate, given the persistent underreporting of financial fraud.
Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, previously highlighted that the FBI’s reported figures serve as a critical benchmark but represent only a fraction of the true scale of losses, with as many as 85% of cases likely unreported.
According to CFA data, Americans lose an estimated $148.2 billion annually to online scams overall, with more than half of reported financial losses involving crypto.
Mini dictionary: Consumer Federation of America (CFA), formed in 1968, is a coalition of non-profit consumer organizations in the United States that advocates for the rights and interests of consumers through research, education, and policy initiatives.
Investment scams represented the largest single category, with $8.6 billion in losses reported to the FBI and an estimated $61.4 billion calculated by CFA, a year-on-year rise of 32%. In total, the FBI’s complaint center received 1,008,597 complaints and logged $20.9 billion in reported losses across all scam types during the year, up 26%. The CFA’s estimate scales this figure to $148.2 billion, averaging $1,009 lost per household.
| Category | Reported Losses | Estimated True Losses | Change vs. 2024 |
|---|---|---|---|
| All scam types | $20.9 billion | $148.2 billion | +26% |
| Crypto scams | $11.37 billion | $80.7 billion | +22% |
| Investment fraud | $8.6 billion | $61.4 billion | +32% |
Older Americans have remained particularly vulnerable, with individuals over 60 years old losing $4.4 billion to crypto fraud, accounting for nearly 40% of reported cryptocurrency-related losses. The FBI also tracked AI-enabled crime as a separate category for the first time, recording $893 million in reported losses from 22,364 complaints.
US Clampdown on Fraud Networks and Crypto Crime
US enforcement agencies have intensified efforts against fraud networks, deploying a variety of measures from warnings to asset seizures. The FBI operates “Operation Level Up”, a program designed to contact potential victims before they transfer funds, which notified 8,000 people last year and reportedly prevented $225.9 million in losses. Overall, the operation has averted $500 million in fraud-related losses.
Fraud schemes have involved both domestic and international actors. Last year, a man in Oklahoma received a five-year sentence for a $9.4 million cryptocurrency-based Ponzi scheme. The creation of a Scam Center Task Force has focused US law enforcement attention on overseas offenders. The task force seized $25 million from various fraudulent crypto investment platforms and romance scams in the last year.
Large-Scale Forfeiture of Fraud Proceeds
The Justice Department recently announced the seizure of more than $25 million in cryptocurrency linked to international frauds affecting thousands of victims in the United States and Canada. The U.S. Attorney’s Office for the District of Columbia, working alongside the Secret Service’s Washington Field Office, filed five civil forfeiture complaints tied to fraudulent investment and romance schemes utilizing cryptocurrencies.
In a landmark case, the Justice Department sought the forfeiture of 127,271 Bitcoin, valued at $15 billion at the time, from Prince Group chairman Chen Zhi in connection with alleged forced-labor scam compounds in Cambodia. Prince Group has denied any involvement in scam activities.
