Cybersecurity services provider Kaspersky has released a report on risks associated with cryptocurrency use. The report titled “Crypto Threats 2023” focused on the United States and uncovered some surprisingly poor user security habits.

Kaspersky surveyed 2,000 American adults and found that 24% of respondents overall owned cryptocurrency or digital assets. Ownership ranged from 36% in the 25–44 age category to 10% among those aged 55 or older.

A third of the crypto owners surveyed reported having crypto stolen, and an equal portion reported being victims of scams. Identity theft, theft of payment details, and loss of account access led the list of scam consequences. The average value of assets stolen was $97,583. Here, too, there was a sharp differentiation by age, with 47% of those ages 18–24 reporting thefts of (larger amounts of) crypto, compared to 8% of those over 55 (who reported smaller amounts of loss).

Lax security might account for many of the losses experienced by respondents. The survey found that crypto owners last checked on their crypto six weeks ago, and their accounts have minimal protection: “27% of users keep their crypto stored in an exchange account with no added protection, while only 34% use multi-factor authentication to protect their account.”

Possible Preaching Angle:

This report is another excellent reminder to focus on the security of our treasure in heaven and not to trust uncertain wealth on earth “… a treasure in the heavens that does not fail, where no thief approaches and no moth destroys” (Matt. 6:19-20; Luke 12:33).