Senator Elizabeth Warren emphasized the growing danger of cryptocurrency scams targeting seniors. Steve Weisman, a cybersecurity expert, supported Warren’s proposed Digital Asset Anti-Money Laundering Act, aimed at curbing these scams.
Warren highlighted a shocking 350% surge in crypto investment scams targeting seniors, resulting in losses over $1 billion. The FBI reported that crypto scams led investment fraud in the United States in 2022, totaling $2.5 billion in stolen funds.
Weisman, Scamicide.com Editor and Bentley University Senior Lecturer, explained seniors’ susceptibility to crypto scams. He cited studies indicating a diminished skepticism in older age, making seniors more prone to fall for these scams, which often involve promises of high returns or fraudulent recovery offers.
The allure of crypto for fraudsters lies in its anonymity and speed, making it challenging to track and recover funds. Weisman detailed various…
