"Rising Fraud: FBI Reports Record Losses in Crypto, Internet Crimes, and Ransomware"

The FBI's Internet Crime Report 2023 revealed that losses from crypto investment scams in the U.S. surged by 53% to $3.94 billion, with overall investment frauds growing by 38% to $4.57 billion. Crypto scams accounted for the majority of these frauds, indicating the significant role of cryptocurrency in online crime. Fraudsters are increasingly utilizing custodial accounts at financial institutions for cryptocurrency exchanges or third-party payment processors to disperse funds quickly, making investment scams the most common internet crime in 2023, totaling over a third of the $12.5 billion in reported losses.