FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported Internet crime losses that year.
While what they say is terrible, I love stats like these. Data rocks!
But I'd add a piece of context. I was guessing 60+ was maybe 10% of US population, but looks like it's closer to 20%.
So that pool is large enough that it's "only" (order of magnitude) around $100 average for that group.
Since most folks didn't lose any to crypto scams, we can guess there were fewer, bigger losses for some individuals.
But I think the order of magnitude of mean loss is useful too.
I don't doubt you, but I wonder how they got that number? 3, 6, or 19 billion is only ~$10 per every American (~330 million) so I don't see how the "average" loss is $18k.
I was assuming "mean" for average, but maybe a mean, median, mode difference of "average"?
Of those over 60, who lost anything from crypto, perhaps the median loss was 18k?
I'll dig into the paper to satisfy my curiosity. Thanks.
@PossiblyMax @pseudonym @molly0xfff they use the counts of complaints times the average. So, it is the average amount lost by people over 60 lodging crypto related complaints. It works out and all the data you need is in the graphic she gave.
That is what is so great about Molly; she provides interesting facts with references to her sources. She has Wkipedia fu.
Molly is awesome and totally brings the details. My comments were made before going to the source details she provided.
In the doc, it is a you said, number of complaints made by over 60 year olds, dividing into reported losses.
The numbers that didn't make sense to me originally were average loses to over-60 USA-ians, when the report is about average loses, per claim, made by each age tranche.
Subtle but different from what I initially read it as.
Exactly so. I went back to the source material and you got it. Thanks.
'Over 60' is a bigger sample size than any of the other, single-decade age groups.
So you're saying that P. T. Barnum wasn't wrong after all? I mean, other than underestimating the frequency they'd be born.
@jrredho @molly0xfff @CosmicTraveler
Yes, because /anyone/ can be scammed.
The question isn't whether it's possible for anyone, it's how likely one makes it.
@jrredho @molly0xfff @CosmicTraveler
Better scams to scam better people.
@jrredho @molly0xfff @CosmicTraveler
I know a guy who says he never put malware on his computer. He has kids, and they've done it, but never him.
Since he's about my age, I believe him. I first encountered computers when they were room-sized. I also worked for an ISP.
If you are prudent about not clicking links in email, and double-check every download link before clicking it, you probably /can/ avoid malware.
And, sometimes, you still get tricked.
I was tricked when I got an email from the CEO of my contracting agency with a PDF attachment. I had thought it was intended for my boss, and they merged the wrong column. So I sent a separate email asking whether that PDF had been intended for me. I got a reply that yes, it was for everyone.
When I opened the attachment, it asked for my SSO. At which point, nope, that's wrong. And I called. And I also reported it to the security folks.
None of these examples entail going to the trouble to acquire cryptocurrency, something that, being over 60, you're likely to have an intimate knowledge about, and executing transfers in it to another party.
You are arguing this matter with a straw man.
@jrredho @molly0xfff @CosmicTraveler
I'm not sure your reply was intended for my post about how anyone can be scammed. And that to scam people that generally aren't scammable, you need to make better scams.
Which has to do with your comments about P. T. Barnum and my optimism.
So, are you the straw man?
I am crying...
I am the egg man...
I am the walrus
Goo goo g' joo
ItS thE WaY oF THe FuTUrE
Depressing because, among other things, I would hope when we get this old (I am 61), we would freakin' KNOW BETTER because, you know, experience...
The FBI has warned that cybercriminals have been masquerading as Internet Crime Complaint Center employees assisting in the recovery of pilfered funds to compromise financial details from victims of fraud as part of an ongoing scam campaign, Cybernews reports.
@molly0xfff
That’s one of the reasons I will never get anywhere near crypto (I’m not in the over 60 group yet, but getting there fast).
The other reason being the amount of electricity required to make just one crypto coin. I consider it unethical to be involved in cryptocurrency in any capacity.
Reading your post that starts off “FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year...” my first thought is: AND that’s just the people who reported it…. Actual totals are likely to be higher. 😐
@molly0xfff and that's just the reported fraud where people actually pressed charges...
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