Top 10 Shocking Numbers: Crypto Frauds and Compliance Issues in 2024

1. 244%: Increase in Digital Forgeries
   In 2024, digital forgeries skyrocketed by 244% compared to the previous year. This surge is primarily driven by deepfake technology, which now accounts for 40% of all biometric fraud. AI tools make these attacks more realistic and accessible, putting immense pressure on identity verification systems.

   
   

2. $5.6 Billion: Losses from Crypto-Related Fraud
   Crypto fraud losses reached $5.6 billion in 2024, marking a 45% increase from 2023. Fraudulent attempts during onboarding rose from 6.4% to 9.5%, exposing critical weaknesses in security and compliance processes.

   
   

3. $1 Billion: Ransomware Payments
   Ransomware attacks hit an all-time high in 2023, with over $1 billion paid in cryptocurrency. These attacks often target critical infrastructure and exploit vulnerabilities like the MOVEit software, showcasing the growing sophistication of cybercriminals.

   
   

4. Every 5 Minutes: A Deepfake Attack
   In 2024, a deepfake attack occurred every five minutes. Fraudsters are leveraging AI to bypass traditional verification methods, creating a significant challenge for businesses and financial institutions.

   
   

5. $10.5 Trillion: Projected Global Cost of Cybercrime by 2025
   Cybercrime, including identity fraud and scams, is projected to cost the world $10.5 trillion annually by 2025, up from $8 trillion in 2023. This underscores the critical need for robust fraud prevention systems.

   
   

6. 9,000+: Total Cryptocurrencies Worldwide
   With over 9,000 cryptocurrencies in circulation, the crypto market remains a lucrative target for fraud. As Bitcoin hit new all-time highs in 2024, fraudulent schemes and scams followed suit.

   
   

7. 45%: Share of Crypto Crime from Sanctioned Entities
   Transactions involving sanctioned entities and jurisdictions accounted for 45% of all crypto crime volume in 2023, driven by geopolitical tensions and economic sanctions.

   
   

8. 244 Million: Attempts to Exploit Digital Identity Systems
   Fraudsters increasingly targeted digital identity systems, taking advantage of weaknesses in compliance frameworks. The rise of AI-driven fraud tools exacerbated this trend.

   
   

9. $8.7 Billion: Legacy of FTX Fraud
   The $8.7 billion in creditor claims from FTX’s collapse in 2022 was formally added to crypto crime figures in 2023, underlining the lasting impact of high-profile fraud cases.

   
   

10. 13%: Increase in Fraudulent Bank Onboarding Attempts
    Fraudulent onboarding attempts in traditional banks grew by 13% in 2024, fueled by poor compliance processes and the increasing use of AI in cyberattacks.

    
    

Conclusion
These numbers highlight the urgent need for better fraud detection and compliance solutions across the crypto and financial industries. As technology evolves, the methods employed by fraudsters become more sophisticated, demanding proactive and innovative responses.

To tackle these challenges, Synaps continuously reinvents itself, offering tailored solutions like our new IP tracking feature, custom-designed for our clients to enhance fraud prevention efforts. If you’d like to learn more about this feature and how it works, check out this article.
Feel free to contact us for more details or to discuss how we can support your compliance needs.

Sources:

• Crypto Maturity Journey 2024, published in November 2024 by Chainalysis.

• Identity Fraud Report 2025, published by Entrust Cybersecurity Institute, 2025.

• Crypto Crime Report 2024, published in February 2024 by Chainalysis.