Scams: Elder Investors Targeted As Crypto Payment Use Grows

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.