The FBI's latest cryptocurrency report reveals that Americans lost $5.6 billion in crypto scams in 2023, a 45% increase from the previous year. Older adults, especially those over 65, were hit the hardest, losing over $1.6 billion. California recorded the highest state total at $1.1 billion. Crypto scams accounted for around 10% of financial fraud complaints received by the FBI but led to nearly 50% of total losses. The decentralized nature of cryptocurrency and lack of regulation make investors vulnerable to scams. The fear of missing out (FOMO) drives investment choices for many investors, making them susceptible to scams. Lack of financial literacy and reliance on informal sources for financial education also contribute to vulnerability. Financial institutions can bridge the gap by offering accessible investment options, educational resources, and entry-level investment tools, empowering individuals with smaller portfolios to invest confidently.



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