The Federal Bureau of Investigation recently announced the release of its cryptocurrency fraud report for 2023.

In 2023, the FBI’s internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses, according to authorities.

Criminals exploit cryptocurrencies for a variety of schemes and swindles including tech support impersonations, confidence and romance schemes, investment scams and government agency impersonations, according to the news release.

Investment fraud was the most reported cryptocurrency scheme in 2023 and also saw the most reported losses — approximately $3.9 billion.

Pennsylvania and New Jersey placed in the Top 10 states for most reported complaints and for reported victim losses, according to the agency’s Philadelphia office.

In 2023, Pennsylvania ranked eighth for reported complaints with more than 1,770 reported complaints, totaling around $123.5 million in reported losses.

In 2023, New Jersey ranked 10th for reported complaints with more than 1,730 complaints and ranked fifth in reported victim losses with more than $179.4 million.

Consumers are encouraged to submit reports of fraud, or suspected fraud, through IC3.gov, the FBI’s internet complaint center.

Financial loss is not required to file a complaint.

Authorities offer the following tips to help avoid cryptocurrency schemes:

•Criminals using such schemes will seek to instill a sense of urgency and isolation.

•When receiving an unsolicited call by an unknown caller claiming to work for a well-known company or government agency, hang up and independently research the company or agency’s publicly published phone number and call it to confirm authenticity of the original call.

•No legitimate law enforcement or government official will call to demand payment via a cryptocurrency kiosk.

•Never give personally identifying information to anyone without verifying the person is who they say they are.

•Verify the validity of any investment opportunity strangers or long-lost contacts offer on social media websites. If you have never met the person in real life, be very cautious of accepting investment advice or opportunities.

•Be on the lookout for domain or website names that impersonate legitimate financial institutions, especially cryptocurrency exchanges.

•Fraudulent businesses often use website addresses to mimic real financial institutions, but are often slightly different, to convince people the fraudulent website is legitimate.

•Do not download or use suspicious-looking apps as a tool for investing unless you can verify the legitimacy of the app.

•If an investment opportunity sounds too good to be true, it likely is. Be cautious of get rich-quick schemes.