Crypto Scams and Cybercrime on the Rise

Cybercrimes and crypto scams are growing more common, and a recent personal story brings home the reality of these threats. A friend’s uncle, a careful man known for keeping detailed spreadsheets for everything even grocery lists once shared a troubling experience.

He had wired over $20,000 to what he believed was a secure cryptocurrency investment. Over several weeks, a scammer built a friendly and professional relationship through messages on LinkedIn and text. The scammer even created a website that looked like a real crypto exchange. When he tried to withdraw his money, he discovered there was no account at all. The shock was not only a financial blow but also a deep personal disappointment.

This case is just one example in a wider trend. The FBI’s Internet Crime Complaint Center (IC3) noted that last year, more than 859,000 cybercrime complaints were filed across the United States, leading to record losses of $16.6 billion—a 33% increase from the previous year. Cybercrime has evolved from random phishing emails to highly organized schemes that often mimic trusted financial institutions.

Modern scammers use real-time news, sophisticated technology, and even deepfake techniques to trick people into handing over their money.

Older adults have become particularly vulnerable. Many seniors, considered attractive targets due to their savings and trust in established institutions, have fallen victim to these scams. Some have lost over $100,000 each through schemes that use emotional manipulation and fake investment platforms.

The combination of a seemingly professional front and the irreversible nature of blockchain transactions leaves victims with little hope of recovering their funds.

What makes these scams so dangerous is the care with which they are crafted. They are not one-off tricks but well-organized operations that work like small businesses. The scammers invest time in building trust, creating realistic online profiles, and even offering what appears to be ongoing customer support. By the time a victim realizes they have been fooled, it is often too late; the funds have disappeared into the digital ether.

There is a silver lining, though. Victims who report these scams play an essential role in helping law enforcement track down and dismantle these networks. In recent efforts, the FBI has notified thousands of fraud victims and recovered millions of dollars. Each report adds up to a stronger defense against a dangerous and growing industry.

For those looking to stay safe, it might be helpful to explore practical cybersecurity tips, learn how to recognize warning signs of scams, and understand how to secure your digital wallets better.