New FBI report details extent of damage caused by cryptocurrency scams to Marylanders

BALTIMORE -- Cryptocurrency scams cost Americans billions last year, according to an FBI report released this week.

In the FBI's 2023 Cryptocurrency Fraud Report, the FBI said these scams cost Marylanders nearly $94 million.

According to the report, these scams only account for about 10% of financial fraud complaints in 2023. But, around half of the money lost came from cryptocurrency scam victims.

Sadé Lemons, the public relations and social media manager for the Better Business Bureau of Greater Maryland, said with crypto being online, it's easy for scammers to get money and personal information from others.

"It's easy to grab peoples' data just based on the information they give you, which helps the scammer not only get access to your financial information but also a lot of your personal data," Lemons said.

How the scam works

Cryptocurrency scams involve a lot of emotional manipulation. The FBI and BBB say these scams most often go in tandem with romance scams.

"They'll entertain, whether it's through a dating app or social media," Lemons said. "Once they have you roped in with your trust and love, then they will begin to bait you to invest."

"I was contacted by this gentleman who said he was an engineer out of Europe and he was working on an oil project," a victim said. "Within about three weeks, he sent me this lovely floral bouquet and a basket."

Lemons said it's smart to always double-check who you're talking to online, not to share your crypto wallet with anyone, and to be careful of any pitch that promises a quick return.

But, the romance victim WJZ spoke to also stressed it's even more important to be alert when you're in a place of emotional vulnerability.

"You need to recognize that you're there and you need to recognize that's not the time to stop being weary," she said.

Cryptocurrency scams in Maryland  

Of the nearly 58,000 complaints of these scams, nearly 1,400 were in Maryland. The most common occurrence of these scams, according to the report, was investment scams.

Overall, according to the report, Maryland was the 13th worst hit state with crypto scams.

If you think you're being hit by a crypto scam, you can report it to the FBI or BBB.

To report to the BBB, you can find out more here.