Overview
- Last year, cryptocurrency scams accounted for over half of the total scam losses reported to the FBI, totaling $11.37 billion.
- The Consumer Federation of America estimates the actual cost of these scams could reach $80.7 billion, applying a multiplier of 7.1 for unreported fraud cases.
- Investment fraud emerged as the largest category, with a reported increase in losses of 32%.
According to a recent report from the Consumer Federation of America, cryptocurrency scams are projected to contribute to over half of the total scam losses, estimated at $80.7 billion for 2025.
This estimate is grounded in FBI data, which reported $11.37 billion lost to crypto scams in the previous year, reflecting a 22% increase from 2024. The CFA's calculation utilizes a multiplier derived from a 2017 Bureau of Justice Statistics survey, indicating that only 14% of fraud victims report their losses to authorities.
A recent CFA report anticipates that #Americans will incur losses of approximately $148.2 billion annually due to #OnlineScams, with more than half of these losses linked to #Crypto.https://t.co/O9a6xMuHLS
— Consumer Federation of America (@ConsumerFed) July 28, 2026
CFA's report applies a conservative multiplier of 7.1 to its figures. Ari Redbord, global head of policy at TRM Labs, commented to Decrypt in April that the FBI's figures serve as a crucial benchmark, noting that they represent only a fraction of the actual losses, based on the assumption that around 15% of victims report their experiences.
Investment fraud was the most significant category, with reported losses of $8.6 billion and estimated losses of $61.4 billion, marking a 32% increase from the previous year. The FBI's complaint center recorded 1,008,597 complaints and $20.9 billion in reported losses across all categories, which is a 26% rise, translating to an estimated total of $148.2 billion, or about $1,009 per household.
Individuals aged 60 and older accounted for $4.4 billion in losses due to crypto fraud, nearly 40% of the overall total. For the first time, the FBI also categorized AI-related crimes separately, recording $893 million in losses from 22,364 complaints.
Understanding the Situation
Efforts to combat these fraud networks include everything from issuing warnings to seizing assets. The FBI's Operation Level Up has reached out to 8,000 potential victims before they could make payments, successfully preventing $500 million in losses, including $225.9 million last year.
This total encompasses cases involving both domestic and international fraudsters. Recently, an Oklahoma man received a five-year prison sentence for his role in a $9.4 million crypto Ponzi scheme, while U.S. law enforcement has increased focus on overseas fraud operations. A Scam Center Task Force was established last year, leading to the seizure of over $25 million linked to fraudulent crypto investment schemes and online romance scams.
The Justice Department has initiated a forfeiture of 127,271 Bitcoin, valued at approximately $15 billion, from Chen Zhi, chairman of Prince Group, over allegations of forced labor scams in Cambodia, marking the largest forfeiture action in its history. Prince Group has denied any involvement in fraudulent activities.
The CFA has also filed a lawsuit against Meta for its role in scam advertising, citing Facebook, Instagram, and WhatsApp as platforms frequently associated with scams. Ben Winters, CFA's director of AI and privacy, criticized the lack of accountability for tech companies, highlighting the bipartisan SCAM Act, which aims to prohibit online platforms from displaying fraudulent or misleading advertisements.