FBI warns crypto scammers now send couriers to collect cash

Key Takeaways

• Scammers dispatch couriers to victims' homes after banks block suspicious digital transfers
• Cryptocurrency investment fraud caused $7.2 billion in losses in 2025, with victims 60+ seeing a 56% spike
• FBI advises never handing cash to anyone claiming to 'authenticate' an account or collect 'taxes' on investments

The FBI issued a public service announcement warning that cryptocurrency investment scammers have added a dangerous new tactic: sending couriers to collect cash directly from victims. The shift to in-person pickups comes as banks get better at flagging and freezing suspicious digital transfers, forcing fraudsters to bypass electronic safeguards entirely.

These aren't street-level hustlers. They're operators running months-long cons known as pig butchering, a name derived from the Chinese phrase 'Sha Zhu Pan.' The playbook involves building emotional trust through dating apps, social media, or wrong-number texts, then steering victims toward fake investment platforms. When the money moves digitally, banks sometimes catch it. So now the scammers want cash in hand.

How the courier pickup works

After a victim has already sent money through digital channels, the scammer claims the account has been "flagged" or needs verification. The fix? Withdraw cash and hand it to a courier who will arrive at your home or a public location. To make this seem legitimate, the scammer provides an authentication method: a specific dollar bill serial number or a password. The courier shows the bill or recites the code, and the victim hands over thousands.

The FBI's announcement described the process bluntly: "When the courier arrives, they show the victim the dollar bill or provide the agreed-upon password to authenticate the courier's affiliation with the scammer." That phrase, 'authenticate the courier's affiliation,' is the psychological hook. It mimics security protocols people associate with banks or government agencies. It works.

After the pickup, victims see a simulated increase in their virtual wallet balance. They try to withdraw their "winnings," and the cycle restarts. More taxes. More penalties. More couriers.

Why scammers are moving offline

Banks and payment processors have invested heavily in fraud detection over the past few years. Suspicious wire transfers get held. Accounts get frozen. That's good news for most people, but it created an opening for scammers willing to go physical.

Cash has no chargeback. Once it leaves your hands, there's no reversing the transaction, no fraud alert, no bank stepping in. The courier walks away, and the money is gone.

The numbers behind the crisis

The FBI's 2025 Internet Crime Report tallied $11.36 billion in total cryptocurrency-related losses reported to the IC3. Investment fraud accounted for $7.2 billion of that, with an average loss of $62,604 per complaint. Investment scams made up 49% of all scam-related incidents.

Older Americans are hit hardest. Victims aged 60 and up saw a 56% increase in losses compared to the prior year. That demographic is particularly vulnerable to romance baiting, where scammers pose as romantic interests before pivoting to investment pitches.

This isn't a new problem. Two years ago, the FBI warned about couriers collecting cash in tech support and government impersonation scams. The crypto twist is an evolution, not an invention.

How to spot the scam before it's too late

The FBI offered specific advice. Research any cryptocurrency platform before investing. Do not share your home address with anyone you've only met online. Cut off contact immediately after receiving unsolicited "wrong number" messages, a common entry point for these scams.

Watch for "love bombing," an intense rush of affection designed to build false trust quickly. If someone you've never met in person starts talking about investment opportunities, that's the tell.

The clearest red flag: anyone asking you to hand cash to a courier. The FBI's announcement was direct: "When you are asked to provide cash to a 'courier' to 'authenticate' your account or pay 'taxes' on your investments, you are being scammed. Stop immediately and contact the FBI."

What to do if you're a victim

File a complaint with the FBI's Internet Crime Complaint Center (IC3) immediately. Include the scammer's name, their communication methods, and any bank accounts or crypto wallets used in the scheme. The more detail, the better the chance of tracking the network.

Stop all communication with the scammer. Do not send additional money, even if they claim you need to pay "fees" to recover your funds. That's just another round of the same con.

Frequently Asked Questions

What is pig butchering in crypto scams?

Pig butchering is a long-con fraud where scammers spend weeks or months building emotional trust with victims through dating apps or social media before steering them toward fake cryptocurrency investment platforms. The name comes from the Chinese phrase 'Sha Zhu Pan,' referring to fattening a pig before slaughter.

Why are crypto scammers now using physical couriers?

Banks have improved at detecting and freezing suspicious digital transfers. Scammers use couriers to collect cash directly, bypassing these digital safeguards and making the theft irreversible.

How do I know if a crypto investment opportunity is a scam?

Red flags include unsolicited contact via wrong-number texts, intense emotional pressure (love bombing), requests to move money to unfamiliar platforms, and any demand to hand cash to a courier for 'authentication' or 'taxes.'

How much money was lost to crypto investment scams in 2025?

The FBI reported $7.2 billion in cryptocurrency investment fraud losses in 2025, with an average loss of $62,604 per victim.

Where do I report a cryptocurrency scam?

File a complaint with the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. Include the scammer's name, communication methods, and any financial accounts involved.

Source: BleepingComputer