Introduction
In 2024 [1] [2] [3] [4] [5] [6], cybercrime in the United States reached unprecedented levels [2], resulting in significant financial losses and highlighting the growing challenges in combating digital crimes. The FBI reported record-breaking figures, underscoring the increasing sophistication and prevalence of cyber-enabled fraud.
Description
In 2024 [1] [2] [3] [4] [5] [6], cybercrime in the US reached unprecedented levels [2], with the FBI reporting a record $16.6 billion in financial losses, reflecting a 33% increase from the previous year and marking the largest single-year increase in the agency’s history. The FBI’s Internet Crime Complaint Center (IC3) received a total of 859,532 complaints, a slight decrease from 880,418 in 2023 [1], with approximately 333,981 complaints related to cyber-enabled fraud, which constituted nearly 83% of total losses, amounting to $13.7 billion [2] [6]. The average loss per complaint rose to $19,372 [1], up from $14,197 in 2023 [1]. Notably, cryptocurrency-related losses reached $9.32 billion [6], including $5.8 billion from cryptocurrency investment fraud [6], highlighting the increasing difficulty in detecting these digital crimes.
Investment fraud remained the most costly internet crime [4], with losses reaching nearly $6.57 billion from 47,919 complaints, consistent with previous reports. Business email compromise (BEC) scams accounted for 21,442 complaints and resulted in losses of $2 billion, a slight decrease from $2.77 billion in 2023. Tech support scams also contributed significantly, leading to losses of approximately $1.46 billion, while sextortion and other extortion methods resulted in 54,936 complaints and $33.5 million in losses [6], marking a 59% rise in complaints from the prior year [6]. Other significant sources of loss included toll scams [3], generating approximately $130,000 from over 59,000 complaints [5], and emergency scams [5], which led to losses of $2.7 million [5]. Romance scams resulted in over $672 million in losses [3], while phishing and spoofing scams were the most common [1], with 193,407 related complaints [1].
Individuals aged 60 and older filed the highest number of complaints [1], totaling 147,127 [1], and reported losses of $4.885 billion [3], which accounted for more than a quarter of the total losses in 2024 [3]. Their average loss was notably higher at $83,000. Individuals aged 50-59 followed [5], reporting losses of $2.5 billion [3] [6]. In contrast [3], individuals under 20 reported approximately $22.5 million in losses across around 18,000 complaints [3]. The FBI expressed concern over the rising losses despite ongoing efforts to combat cybercrime [4], noting that the actual amount of losses may be underestimated as not all incidents are reported to law enforcement. The majority of funds lost were through cryptocurrency transactions [3], followed by wire transfers and ACH transfers [3]. Additionally, the FBI issued a warning about scammers impersonating IC3 employees [1], clarifying that it does not directly communicate with individuals regarding lost funds [1]. The states with the highest reported losses were California [5], Texas [5], and Florida [5], and the FBI receives an average of 836,000 reports of cyber fraud annually [5], with victims losing an average of at least $20,000 each [5]. The FBI also identified 67 new ransomware variants [6], with ransomware complaints increasing by 9% compared to 2023 [6], and its proactive measures helped victims avoid over $800 million in ransom payments [6].
Conclusion
The surge in cybercrime in 2024 underscores the urgent need for enhanced cybersecurity measures and public awareness to mitigate financial losses and protect individuals and businesses. The FBI’s efforts in identifying new threats and preventing significant ransom payments demonstrate the importance of proactive strategies. However, the persistent rise in cybercrime suggests that continued vigilance and innovation in cybersecurity practices are essential to address the evolving landscape of digital threats.
References
[1] https://www.housingwire.com/articles/cybercrime-resulted-in-record-losses-in-2024-fbi-ic3-2024-report/
[2] https://wgme.com/news/i-team/cybercrime-and-scams-cost-mainers-31-million-in-2024-fbi-says
[3] https://www.cbsnews.com/news/online-scams-2024-statistics-fbi/
[4] https://www.infosecurity-magazine.com/news/fbi-staggering-lost-cybercrime-2024/
[5] https://abcnews.go.com/Politics/seniors-lost-48-billion-scammers-2024-fbi/story?id=121059590
[6] https://cyberscoop.com/fbi-ic3-cybercrime-report-2024-key-statistics-trends/
