Cyber Crime Cost The US $16 Billion In 2024

Uploaded on 2025-05-07 in FREE TO VIEW, GOVERNMENT-Law Enforcement, NEWS-Cybersecurity News

Cyber attacks are escalating in speed, volume, and sophistication at an unprecedented pace. Cyber Crime is a serious threat to both individuals and businesses as revealed by a recent FBI’s report which quantified the loss to the US economy as 16 billion in 2024. 

As organisations work to strengthen their defences, cyber criminals are working just as fast to identify and exploit their principal  weaknesses. In many cases, these are to be found amongst employees who are susceptible to social engineering attacks and the IT systems which do not have up to date security measures in place. 

This is a 33% increase since 2023 and highlights the extent of cyber crime across the nation.

According to the FBI’s Internet Crime Complaint Center (IC3) Report, the most common forms of cyber crime were phishing, extortion, and personal data breaches. But, the most financially serious involved investment fraud, business email compromise, and other scams. 

The Report also highlighted specific states suffering and California was the first with $2.5 billion in reported losses, and then Texas at $1.3 billion and Florida with $1 billion. Other hot spots include:-

  • 14,254 victims in Massachusetts reported losing $339 million.
  • 2,137 victims in Maine reported losing $31 million.
  • 2,340 victims in New Hampshire reported losses of $52 million.
  • 1,642 victims in Rhode Island reported losing $23 million.

The elderly were the hardest hit and people over the age of 60 filed roughly 147,000 complaints, amounting to nearly $5 billion in losses. This disparity could be attributed to older individuals’ lack of familiarity with digital threats, making them more vulnerable to online scams. A notable trend in crime against individuals was the rise of phishing where cyber criminals posed as family members, typically grand-children, and tricked older adults into sending money urgently. These scams contributed heavily to the $1.9 billion lost in call centre scams, where fraudsters impersonate banks or other legitimate entities to steal personal information and hijack accounts.

The FBI findings are reinforced by the Crowdstrike 2025 Global Threat Report which has the following key findings:-

  • 52% of vulnerabilities observed  in 2024 were related to initial access.
  • 150% increase in China-originated activity across all sectors.
  • 51 seconds was the fastest recorded eCrime breakout time.
  • 26 new criminal adversaries were identified  in 2024.

Individuals must take proactive steps to secure their personal data and recognise potential scams. By remaining cautious and adopting safe online practices, the risk of falling victim to cyber crime can be reduced. With awareness and preparedness, we can all play a part in the ongoing fight against online fraud.

FBI   |   IC3   |   I-HLS   |   Crowdsrike  |  Security Magazine   |   Indsutrial Cyber  |  CBS

Image: bilalulker

You Might Also Read:

Fraud Is Dominating Cyber Insurance Claims:

If you like this website and use the comprehensive 7,000-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible



 

« The Vital Importance Of Semiconductors To AI & Quantum Computing [extract]
AI-Powered Malware - A Serious Cyber Security Threat »

CyberSecurity Jobsite
Check Point
Cyrin

Real Attacks. Real Tools. Real Scenarios.
Schedule a demo

Sign Up: Cyber Security Intelligence Newsletter

Directory of Suppliers

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

The PC Support Group

The PC Support Group

A partnership with The PC Support Group delivers improved productivity, reduced costs and protects your business through exceptional IT, telecoms and cybersecurity services.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

Huawei

Huawei

Huawei is a leading global ICT solutions provider. with end-to-end capabilities across the carrier networks, enterprise, consumer, and cloud computing fields.

Intrinsic-ID

Intrinsic-ID

Intrinsic-ID's authentication technology creates unique IDs and keys to authenticate chips, data, devices and systems.

Cyfor

Cyfor

Cyfor provides digital forensics and eDiscovery in civil, criminal, intellectual property, litigation and dispute resolution investigations.

CybelAngel

CybelAngel

CybelAngel is a leading digital risk protection platform that detects and resolves external threats before these wreak havoc.

Threat Intelligence

Threat Intelligence

Threat Intelligence is a specialist security company providing penetration testing, threat intelligence, incident response and training services.

Cybersecurity Advisors Network (CyAN)

Cybersecurity Advisors Network (CyAN)

CyAN provides a not-for-profit platform that helps private and public organisations as well as governments to identify trusted advisors in the area of Cyber Security and Cyber Crime.

Brainloop

Brainloop

Brainloop's security architecture enables you to work on and distribute strictly confidential documents both within and beyond the firewall.

Information Technology Industry Development Agency (ITIDA)

Information Technology Industry Development Agency (ITIDA)

ITIDA has two broad goals: building the capacities of Egypt’s local information and communications technology (ICT) industry and attracting foreign direct investments to boost the ICT sector.

Red Points

Red Points

Red Points protects your brand and content in the digital environment.

Gray Analytics

Gray Analytics

Gray Analytics is a Cybersecurity Risk Management company providing best-practice services across a broad spectrum of cyber scenarios for both government and commercial customers.

Cranfield University

Cranfield University

Cranfield Defence and Security are at the forefront of their fields, offering capabilities ranging from cyber security and digital warfare to robotics, forensic sciences and simulation and analytics.

InfusionPoints

InfusionPoints

InfusionPoints is your independent trusted partner dedicated to assisting you in building your secure and compliant business solutions.

ITQ Latam

ITQ Latam

ITQ Latam are specialists in cybersecurity, in a convergent ecosystem of technological solutions in infrastructure, cloud and security networks.

SecureChain AI

SecureChain AI

SecureChain are combining blockchain and AI technology to create a smarter blockchain platform especially in terms of security.

endpointX

endpointX

endpointX is a preventative cyber security company. We help companies minimize their risk of breach by improving cyber hygiene.

CyberForce Global

CyberForce Global

CyberForce Global are at the forefront of start-up technology recruitment in areas including cybersecurity, IT infrastructure, software, fintech, blockchain and more.