Cryptocurrency frauds are increasing rapidly all over the world. Last year, many countries of the world had to face this fraud. Among them, a 45 percent increase was recorded in the cases related to it in the US. India has also been among the top-5 countries by losing 44 billion dollars in crypto scams.
There is a continuous increase in cases of fraud related to cryptocurrency. This claim has been made in a recently released FBI report. According to this, the biggest loss in the year 2023 has been in America, which is about 5.6 billion dollars. This is 45 percent more than a year ago.
This report says that the number of cases related to cryptocurrency in America has increased significantly this year. India is at the fifth place in this list. 840 complaints have been registered here. The total loss due to cryptocurrency in India is 4 crore 40 lakh 54 thousand 244 dollars.
In this way, India has joined the top-10 countries where the maximum financial loss has been caused due to cryptocurrency. After the decline in the crypto market in the year 2022, the prices of tokens increased in the year 2023 and this has attracted cyber criminals.
After doubling the value of bitcoin last year, it has increased by about 35 percent this year. According to the FBI report, criminals are using cryptocurrency for many types of frauds. Investment frauds have been reported the most among these.
Investment fraud has caused a loss of about $3.9 billion in the year 2023. That is, investment fraud alone accounts for 71 percent of the total loss. At the same time, call center fraud accounts for about 10 percent of the losses related to cryptocurrency.
According to the FBI, the severity and complexity of cases of fraud using cryptocurrency is constantly increasing. The best way to prevent these crimes is for people to report them. The report says that there has been a 53 percent increase in cryptocurrency investment fraud.
Losses from cryptocurrency investment fraud increased from $2.57 billion in 2022 to $3.96 billion in 2023. Most complaints were made by people in the age group of 30 to 39 and 40 to 49, while people over 60 years of age reported the least losses.
The US has received the most complaints, followed by Canada and the United Kingdom. The report says that fraudsters use a variety of methods, including investment fraud, phishing, and government identity fraud.
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