AARP Hearing Center
Cryptocurrency-related fraud is surging in the United States, with losses reaching an estimated $9.3 billion in 2024 — a 66% increase over the previous year. Older adults are especially vulnerable, with those 60 or older losing $2.8 billion to cryptocurrency scams.
This research reveals the following:
Most U.S. adults — especially older adults — can’t differentiate a cryptocurrency ATM from a traditional bank ATM. This is concerning as scammers are increasingly using crypto ATMs in their fraudulent schemes — taking advantage of their speed, ease of use, and lack of traceability to move funds quickly and anonymously.
One in 8 U.S. adults (13%, 3.6 million) have been approached by someone attempting to get them to invest in cryptocurrency — or knows someone who has been approached. This number rises to 18% among African American/Black adults and 17% among those ages 18–49.
Among those who have invested in cryptocurrency (or know someone who has invested in cryptocurrency), approximately 15% (5 million adults) found the investment to be fraudulent. The rate is even higher among adults 50 or older (25%, 3.5 million) and African American/Black adults (21%, 1.2 million).
Approximately 1 in 17 U.S. adults (6%, 14.2 million) have been directed to convert cash into cryptocurrency to resolve an urgent financial matter — or knows someone who has been directed to do so — a figure that nearly doubles among African American/Black adults (10%, 3.6 million).
Why This Matters
According to prior AARP research, most U.S. adults (53%) have a limited knowledge about the tactics that scammers use, which increases their risk of victimization. And given the complexity and newness of cryptocurrency, few (35%) know at least something about cryptocurrency. This limited knowledge of cryptocurrency and the tactics of these criminals may increase the risk of victimization from a cryptocurrency scam. This new cryptocurrency survey highlights the urgent need for greater awareness and consumer protection, especially among older adults and communities of color.
Consumer Tips from the Federal Trade Commission (FTC) regarding cryptocurrency fraud:
- Only scammers demand payment in cryptocurrency.
- Cryptocurrency accounts are not insured by the government.
- Cryptocurrency payments are typically irreversible.
- Cryptocurrency payments lack legal protections found with credit or debit cards.
Methodology
This national omnibus survey was conducted March 6–10, 2025, among a sample of 1,423 adults age 18 or older, using NORC’s AmeriSpeak probability-based sample of prerecruited panel participants. The data are weighted to the latest Current Population Survey (CPS) benchmarks developed by the U.S. Census Bureau and are balanced by gender, age, education, race/ethnicity, and region.
For more information, please contact Alicia Williams, Ph.D., at arwilliams@aarp.org. For media inquiries, contact media@aarp.org.
CoPilot assisted with minor wordsmithing of the title and text to improve clarity and tone. They have been reviewed for accuracy and appropriateness.
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