The US Federal Bureau of Investigation (FBI) has revealed that it’s using sophisticated techniques to prevent crypto scams, which have apparently helped 4,300 potential victims avoid a total of $285 million in losses.
The FBI said that thanks to its proactive initiative, Operation Level Up, it was able to identify victims who were actively being defrauded and intervened by calling them directly.
According to the bureau, most of the contacted victims were unaware that they were being scammed. Additionally, the FBI noted that some victims were so emotionally impacted by the scam that they were offered help from the FBI Victim Services Division.
"One victim contacted by the FBI told agents that he was planning to invest an additional $1 million before he picked up their call. Another planned to sell her home to make a $500,000 investment, and another withdrew $500,000 from his retirement account,"
the bureau said, adding that after the intervention, these individuals did not make any further investments in these scam schemes.
The FBI did not specify how it was able to identify potential scams and their victims. However, it noted that Operation Level Up also helped gather additional leads and information about the criminals perpetrating these frauds.
"In addition to warning and helping victims, the FBI is pursuing a multi-pronged investigative approach to address the financial, infrastructure, and organized crime components operating the schemes," it said.
Each month, around 3,200 crypto investment fraud complaints are filed with the FBI’s Internet Crime Complaint Center (IC3). In 2023 alone, victims reported an estimated $3.9 billion in losses from investment fraud related to crypto assets. However, the FBI noted that this number is likely much higher because many victims either do not report or underreport their losses.
According to the FBI, most of the victims are between the ages of 30 and 60, tech-savvy, and actively seeking financial investment opportunities.
"For many people, the promise of wealth and financial stability can overshadow possible warning signs. Even initially skeptical victims can be deceived when they are directed to realistic-looking investment platforms or apps controlled and created by scammers," the FBI warned.
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