Cybersecurity|Cybersecurity statistics
Average losses of crypto scams in the US
With the growing popularity of cryptocurrency, the prevalence of crypto scams has also increased. These scams extend beyond just fraudulent investment schemes, as scammers have ingeniously integrated cryptocurrency into other practices, even resorting to demanding ransom payments in crypto. Surfshark examined the FBI's internet crime data and revealed that crypto scam victims in the United States suffered an astonishing average loss of $86k. This week's chart vividly illustrates the impact of these scams on different states, revealing which were hit the hardest.
Key insights
- Crypto scams inflict significantly higher costs on victims compared to scams involving traditional payment methods. Victims of non-crypto crimes experience an average loss of $16k, whereas crypto-related losses surpass that figure by over fivefold, reaching $86k. This disparity may be due to the irreversible nature of crypto transactions.
- In 2022, over $2.3B worth of crypto was lost to internet crimes in the United States. Despite only 6% of US internet crime victims paying scammers in crypto, the substantial financial impact of these scams resulted in them representing a significant 24% share of all cybercrime-related financial losses last year.
- South Dakotan victims experienced the most severe impact, suffering average losses of $998k per victim, which is over 10 times higher than the national average. Following closely behind are New Hampshire with $147k per victim, Georgia with $138k per victim, Delaware with $121k per victim, and California with $117k per victim.
- Despite ranking 5th in terms of average losses per victim, California stands out with the highest number of crypto scam victims, accounting for 4,879 individuals, which is 18% of the country's total. Furthermore, California also recorded the highest total losses, amounting to $572.6M USD, representing 25% of the nation's total. These figures indicate that Californians face one of the greatest risks of falling victim to crypto scams in the US.
Methodology and sources
This study used open-source information from the Federal Bureau of Investigation. The analysis includes the 2022 Internet crime report’s data on internet crimes in 50 US states and the District of Columbia that had the descriptor “Cryptocurrency”, meaning that the crime involved the use of cryptocurrency. The term “crypto scam” refers to internet crime where cryptocurrency was used as a medium or tool to facilitate the crime. Aggregated data was analyzed according to personal financial losses, as well as the overall financial losses and victim count.
For the complete research material behind this study, visit here.
