A Shocking 33% Surge in Internet Crime Losses
The FBI’s 2024 Internet Crime Report shows a staggering 33% increase in reported losses from crimes like phishing, extortion, and data breaches, with the total cost reaching $16.6 billion. In 2024, the FBI’s Internet Crime Complaint Center (IC3) received 859,532 complaints. About 256,256 victims reported financial loss, with an average individual loss of $19,372.
Top Crimes: Phishing, Extortion, and Data Breaches
Phishing and spoofing were the most reported crimes, with nearly 193,000 complaints. Extortion followed with over 86,000 cases, and personal data breaches closely trailed at nearly 65,000 incidents.
Investment scams caused the greatest financial damage. These scams, particularly involving cryptocurrency, accounted for losses exceeding $6.5 billion. Business Email Compromise (BEC) scams ranked second, costing victims more than $2.7 billion.
Cryptocurrency Fraud: The New Frontier for Criminals
Crypto fraud exploded in 2024, reaching $9.3 billion in losses. This marks a 66% rise compared to 2023. Victims over 60 were especially vulnerable, contributing the highest number of complaints and total losses.
Investment schemes, often called “pig butchering,” led the pack. Fraudsters established trust with victims online before luring them into fake investment platforms.
Seniors Targeted Most Heavily
We’ve reported on the fact that elder fraud remains a significant concern. People aged 60 and over lost nearly $4.9 billion, a 43% increase from 2023. They also filed the highest number of complaints—over 147,000 reports.
Tech support scams hit seniors particularly hard, costing them close to $1 billion. Romance scams and government impersonation frauds also caused considerable losses among this group.
States Most Impacted by Internet Crime
California topped the list with the highest number of complaints and financial losses – over $2.5 billion. Texas and Florida followed, both recording more than $1 billion in losses.
Washington, D.C. had the highest losses per capita, with an average loss of over $41 million per 100,000 citizens, far surpassing other states.
New Threats and Ransomware Activity
Ransomware attacks increased by 9%, despite efforts to curb them. The FBI identified 67 new ransomware variants in 2024, with Akira, LockBit, and RansomHub leading the threats.
The IC3 Recovery Asset Team (RAT) played a vital role, freezing over $561 million intended for scammers, representing a 66% success rate for fund recovery efforts.
FBI’s 25 Years of Fighting Cybercrime
Celebrating its 25th anniversary, IC3 has now collected over nine million complaints since its founding. FBI Director Kash Patel emphasized the critical role of public reporting, noting that “reporting is one of the first and most important steps in fighting crime.”
The FBI continues to enhance partnerships with private industry, other law enforcement agencies, and international allies to combat evolving cyber threats.
Operation Level Up: Saving Cryptocurrency Scam Victims
Launched in January 2024, Operation Level Up identified over 4,300 victims of crypto investment fraud. It helped victims save approximately $285 million and intervened in 42 cases involving potential suicide risks.
Global Cybercrime Trends
The FBI received complaints from over 200 countries. The top foreign sources of complaints were the United Kingdom, Canada, and India. Hong Kong and Vietnam ranked highest for destinations of fraudulent wire transfers.
The international landscape emphasizes the need for a global response to cybercrime.
