FBI Says Cybercrime Costs Rose to at Least $16 Billion in 2024

The Federal Bureau of Investigation (FBI) has released a report revealing that cybercrime costs have skyrocketed, with victims worldwide losing more than $16 billion in 2024. This represents a staggering one-third increase from the previous year, and highlights the growing threat posed by digital scams and hacking.

The FBI's Internet Crime Complaint Center (IC3) has become a leading repository for reports of cybercrime, collating nearly 860,000 complaints from around the world. These complaints were analyzed to determine the scope of the problem, revealing that losses were largely driven by low-tech scams such as online investment schemes and phishing emails.

Specifically, the FBI reported that would-be investors were swindled out of large sums of money online, while company employees were tricked into wiring significant amounts to criminals' bank accounts through deceptive emails. Tech support and romance scams also caused hundreds of millions of dollars in losses, further illustrating the breadth and depth of cybercrime.

The FBI acknowledged that its figures are incomplete, particularly when it comes to ransomware – a particularly destructive type of software used by hackers to extort organizations into making ransom payments in exchange for their data. Despite this limitation, the agency's report provides valuable insights into the growing threat posed by cybercrime and highlights the need for vigilance and awareness among individuals and businesses.

It is worth noting that while the complaints gathered by the FBI came from around the world, the overwhelming majority were filed in the United States. This raises questions about the global scope of cybercrime and the need for international cooperation to combat this growing threat.

The Challenge of Calculating Cybercrime Costs

One of the challenges facing law enforcement agencies when trying to calculate the costs of cybercrime is that it can be difficult to track and quantify. While some types of cybercrime, such as hacking and ransomware attacks, may be more straightforward to measure, others – such as online scams and phishing emails – can be harder to detect and track.

The FBI's report highlights the importance of effective reporting mechanisms and data collection systems in helping to understand the scope and impact of cybercrime. By analyzing large numbers of complaints and identifying patterns and trends, law enforcement agencies can better understand the nature and extent of this threat and develop targeted strategies to combat it.

Conclusion

In conclusion, the FBI's report on cybercrime costs provides a sobering reminder of the growing threat posed by digital scams and hacking. As individuals and businesses navigate the increasingly complex and dynamic world of cybersecurity, it is essential that we remain vigilant and take steps to protect ourselves from these threats.