Scams: Senior Investors Targeted As Crypto Payment Use Grows

Crypto investment scams are climbing, costing senior victims about $35,000 each last year, the FBI reports.

Photo of a man with dollar signs on his eyeglasses holding a contract and a pen out
(Image credit: Getty Images)

Fraudsters stepped up the pace last year, especially when it came to targeting those over 60 years old, with increasingly more sophisticated schemes that many times involved cryptocurrency investments, according to the FBI's 2022 Elder Fraud Report.

The report found that monetary losses due to investment fraud skyrocketed by more than 300% — more than any other type of fraud — largely because of cryptocurrency investment scams. In fact, cryptocurrency losses in nearly every crime category tracked by the agency, which included romance scams and identity theft, climbed by 350%. The types of cryptocurrency used included Bitcoin, Ethereum, Litecoin and Ripple.

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Jamie Feldman

Jamie Feldman is a journalist, essayist and content creator. After building a byline as a lifestyle editor for HuffPost, her articles and editorials have since appeared in Cosmopolitan, Betches, Nylon, Bustle, Parade, and Well+Good. Her journey out of credit card debt, which she chronicles on TikTok, has amassed a loyal social media following. Her story has been featured in Fortune, Business Insider and on The Today Show, NBC Nightly News, CBS News, and NPR. She is currently producing a podcast on the same topic and living in Brooklyn, New York.