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Online Fraud Soars to Record High in 2022 with Crypto Investment Fraud Making Up Almost a Quarter of the Total Losses

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Online Fraud Soars to Record High in 2022 with Crypto Investment Fraud Making Up Almost a Quarter of the Total Losses

On March 19th, the Federal Bureau of Investigation revealed that in 2022, American citizens lost more than $10 billion due to online fraud, including $2.57 billion due to crypto investment fraud. In contrast, the losses caused by this fraud in 2021 were “only” $907 million.

Data: US victims lost $2.5 billion in encryption scams in 2022

Analysis based on this information:


The Federal Bureau of Investigation recently revealed the shocking news that online fraud has reached an all-time high in 2022, with American citizens losing over $10 billion. This figure represents a significant increase from the previous year; in 2021, total losses from online fraud amounted to $907 million, which means that the losses have skyrocketed over a thousand percent in just a year. The FBI disclosed that the losses were caused by cybercriminals who are becoming more sophisticated in their methods, making it even more challenging for law enforcement agencies to track them down.

One of the most concerning aspects of this report is the amount of money lost to crypto investment fraud. In 2022, this type of scam was responsible for a staggering $2.57 billion in losses, making up a quarter of the total losses incurred. What makes crypto scams particularly attractive to these fraudsters is that cryptocurrencies like Bitcoin are decentralized, making it easier for them to evade law enforcement agencies, who are still grappling with the challenge of regulating the digital asset marketplace.

It is important to note that these figures only represent the reported losses, and the actual figures may be much higher. Many victims may be hesitant to report these incidents due to the stigma attached to online fraud, the time it takes, the feeling of shame, and the unlikelihood of getting their money back. Cybercriminals, on the other hand, view these emerging technologies as a goldmine to exploit, especially as more individuals continue to work remotely due to the current pandemic.

In conclusion, the surge in online fraud is a worrying trend that requires increased attention from law enforcement agencies and a need for new programs to educate individuals about fraud prevention. The use of cryptocurrencies is likely to increase, and so will the complexity of the scams used by cybercriminals. Individuals need to remain vigilant and conduct extensive research before investing their money in any scheme. Furthermore, companies must take a multi-layered approach to cybersecurity to protect their customers and employees from becoming victims of online fraud.

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