FBI report warns of new crypto courier scams and rising losses

1. The FBI’s July 15 public service announcement warned that scammers are now using cash couriers to bypass bank checks, a tactic that helped generate over $8.6 bn in crypto‑related losses last year—the largest loss figure among all cyber‑crime categories [1].

How the courier scheme works

The FBI says fraudsters first convince victims—often through social media, unsolicited texts, or a fabricated “crypto‑expert” persona—to invest in bogus trading schemes. After the victim withdraws funds, scammers provide a serial‑numbered dollar bill or password to authenticate a cash courier’s arrival. The courier delivers cash, after which the victim sees a fabricated profit increase in the scammer’s platform, only to be looped back into paying fake taxes or penalties [1]. This “pig‑butching” cycle extends the fraud’s lifespan and makes detection harder for banks, which are increasingly able to block suspicious transfers but are being sidestepped by in‑person cash exchanges.

Scope and impact on older adults

Separate research shows older adults are disproportionately affected. In 2025 the Internet Crime Complaint Center logged more than 13,400 crypto‑ATM‑related reports, with losses exceeding $388 million; more than half involved victims aged 50 plus [2]. The average loss per victim jumps from $20,699 across all cybercrime to $62,604 when cryptocurrency is involved, underscoring the heightened financial risk for seniors [2]. The FBI’s warning aligns with these trends, noting that scammers also use “love‑bombing” and fake government calls to pressure victims into cash‑courier transactions [1].

Comparative figures from the UK

UK Finance data released on June 15 show a similar pattern: investment fraud accounted for £221.5 million ($297 million) of authorized push‑payment fraud last year, a 40 % year‑on‑year increase, with case numbers rising 26 % to 14,893 [1]. These figures illustrate that the courier‑based approach is not confined to the United States but reflects a broader, trans‑national escalation in crypto‑related fraud.

What to watch

• Monitor any rise in reports of cash‑courier pickups linked to crypto platforms, especially those involving “flagged” accounts.
• Watch for regulatory alerts or FBI advisories that specifically address courier‑based schemes, as they may signal shifts in scam tactics.
• Track the volume of crypto‑ATM complaints involving seniors, which could indicate whether the courier method is spreading to other offline channels.

The FBI’s latest alert highlights a chilling evolution in crypto fraud: by moving the transaction off‑line, scammers evade banking safeguards and trap victims in a repeat‑offender loop. Whether law‑enforcement and financial institutions can adapt to this cash‑centric model remains an open question.