Fake Agents Push Victims Into Crypto Scams, $917M Lost

Federal prosecutors warned that scammers posing as federal agents pressured people into using crypto ATMs, sending wire transfers and handing cash or valuables to couriers, producing $917 million in reported losses in 2025. The Federal Trade Commission logged more than 375,000 reports last year of callers impersonating government officials, the U.S. Attorney’s Office for the Eastern District of Michigan noted.

Scams typically begin with an unexpected call about alleged suspicious activity on an account. Callers often transfer victims to someone claiming to be a federal investigator who demands immediate action to “protect” the funds. Fraudsters use spoofed caller ID, official-looking letters, fake employee IDs and invented suspended Social Security numbers to build credibility and urgency.

Victims are directed to move money to accounts the caller says are safe, deposit funds at crypto ATMs, send payments through apps or wires, or hand cash, gold or other valuables to couriers waiting to collect them. Once funds transfer, the caller stops responding.

The warning coincided with World Elder Abuse Awareness Day. The Department of Justice, the Elder Fraud Coordinating Council and the U.S. Attorney’s Office promoted the Never EVER campaign, which urges people to pause and verify any demand for money or personal information. An advisory stated, ‘It’s all a lie.’ Officials added, ‘Never ever will someone from the government demand that you pay with a payment app, cryptocurrency, wire transfer, or gift cards.’

Authorities advised simple checks before sending money: pause before acting, contact a trusted friend or family member, and call the government agency directly using a phone number from an official website. Agencies reiterated that legitimate federal employees do not require unconventional payment methods or immediate transfers to protect accounts or release benefits.

Investigators continue to pursue cases and coordinate prosecutions. Outreach is focused on older adults, and officials urged the public to report suspicious calls and payment demands to the FTC and local law enforcement.