FBI says online scams raked in record $16.6 billion last year, up 33% from 2023
In 2024, scammers managed to steal a record-breaking $16.6 billion, as reported by the FBI. This marked a significant 33% increase from the previous year, with over a quarter million complaints filed reporting money lost to various scams, averaging more than $19,000 per victim. The FBI’s Operations Director for Criminal and Cyber, B. Chad Yarbrough, emphasized the growing threat posed by cyber actors in our increasingly digital world.
While fraud remained a prevalent cause of losses, ransomware emerged as the most significant threat to critical infrastructure in 2024, with a 9% increase in related complaints. However, experts believe that the reported losses are likely lower than the actual amount due to underreporting by victims who do not engage with law enforcement or the FBI.
One such victim, Rich Brune, shared his harrowing experience of being scammed out of $1.7 million over three months without ever seeing the perpetrators. A message on his computer claiming his information was compromised led him to wire money and grant access to his bank account, ultimately resulting in total financial devastation.
In terms of demographics, individuals over the age of 60 filed the most complaints, reporting losses totaling $4.8 billion, a 43% increase from the previous year. On average, this age group lost $83,000, significantly higher than the overall average loss in 2024. Conversely, individuals under 20 were the least likely to fall victim to scams, reporting around $22.5 million in losses.
The top cause of loss in 2024 was investment scams, accounting for over $6.5 billion, followed by compromised business emails, tech support scams, and personal data breaches. Romance scams also made the list, with victims reporting losses exceeding $672 million.
California residents reported the highest losses, while Vermont had the fewest reported losses in the United States, and the Northern Mariana Islands reported the lowest losses overall. The FBI noted that the majority of funds were lost through cryptocurrency transactions, followed by wire transfers and credit or debit card transactions, highlighting the growing illicit use of cryptocurrency in fraudulent activities.
As cybercrime continues to evolve and adapt, it is crucial for individuals to remain vigilant and informed about potential scams. Stay informed, protect your personal information, and report any suspicious activity to authorities to help combat the growing threat of online scams.
