Cyber Crime Cost The US $16 Billion In 2024
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.
- 442% growth in vishing exploits between the first and second half of 2024.
- 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
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