Cyber thieves purloined a whopping $16.6 billion in 2020, according to the FBI's revelation.
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In its 2024 report, the Internet Crime Complaint Center (IC3) revealed a concerning surge in internet scams and malicious cyber activities, leading to a whopping $16.6 billion in losses – a 33% increase from the year prior.
Phishing, Tech Support, and More
Senior citizens (60+) accounted for the highest number of complaints, totaling over 147,100, and racking up $4.8 billion in losses. Common types of scams included phishing/spoofing, extortion, personal data breach, non-payment, investment, and tech support.
Phishing scams were the most frequently reported, comprising over 193,400 complaints, revealing the growing threat posed by scammers looking to exploit online vulnerabilities.
The Dark Side of Cryptocurrencies
Cryptocurrency-related crimes accounted for nearly 149,700 complaints and resulted in significant losses, with $9.3 billion stolen from victims. Fraudulent activities involving digital currencies have increased dramatically, underscoring the risks and complexities associated with this fast-evolving sector.
Investment scams were the most damaging, causing losses exceeding $6.5 billion, demonstrating the dangers of promises of abnormal returns in the wild and unregulated world of cryptocurrency investments.
Regional Concerns
Texas, in particular, was hard hit, with more than $1.35 billion in losses reported and the second-highest number of complaints nationwide. The Bayou State also saw a substantial increase in investment scams compared to the previous year.
The Digital Scamming Surge
Online fraud accounted for nearly 83% of total losses, with criminals leveraging the internet to commit varied acts of fraud leading to over $13.7 billion in losses. The rise and sophistication of cybercrime expose the ever-expanding attack surface that scammers exploit to steal hard-earned savings and cause disruptions.
The IC3, established in 2000, has recorded an alarming 4.2 million complaints of internet scams and cybercrimes over the past five years, resulting in $50.5 billion in losses.
With the growing interconnectedness of our daily lives, we must stay vigilant and report suspicious activities to combat cybercrime. Investments in public awareness campaigns and targeted education for vulnerable demographics are crucial in the fight against internet crime.
- The report by the Internet Crime Complaint Center (IC3) in 2024 showed a substantial increase in internet scams and cybercrimes, leading to a staggering loss of approximately $16.6 billion, a 33% rise from the previous year.
- Elderly individuals aged 60 and above accounted for the majority of complaints, with over 147,100 recorded and losses amounting to $4.8 billion.
- Phishing scams were the most common type, comprising more than 193,400 complaints, and underscoring the growing threat from cybercriminals exploiting online vulnerabilities.
- The dark side of cryptocurrencies was evident in the 2024 report,with nearly 149,700 complaints related to cryptocurrency crimes and losses totaling $9.3 billion.
- Investment scams within the realm of cryptocurrency were the most damaging, causing over $6.5 billion in losses, underlining the risks and complexities in this fast-evolving sector.
- Texas faced significant losses of over $1.35 billion and the second-highest number of complaints, particularly in investment scams, highlighting regional concerns in the digital scamming surge that threatens hard-earned savings and disrupts our daily lives.
