Cybercrime Financial Losses Hit New Highs in 2024
The scale of cybercrime in the United States reached unprecedented levels in 2024, with reported losses soaring to a staggering $16.6 billion—a 33% increase—with an average loss of $19,372 per incident. The data paints a grim picture of a nation grappling with an ever-expanding digital threat landscape. Cyber-enabled fraud, encompassing schemes that steal money, data, or identities, accounted for nearly 83% of these losses, totaling $13.7 billion across 333,981 complaints [1], [3].
Investment fraud emerged as the most financially devastating category, racking up $6.57 billion in losses, followed by business email compromise (BEC) scams at $2.77 billion and tech support fraud at $1.46 billion. These numbers underscore how cybercriminals are increasingly exploiting human vulnerabilities rather than relying solely on technical exploits. The ease of orchestrating large-scale scams—particularly those involving cryptocurrency—has fueled this surge, with investment scams alone costing Americans $2 billion more than in 2023 [2], [3].
Rising Trends in Cybercrime: Grandparent Scams and Call Center Fraud
Among the myriad tactics employed by cybercriminals, call center scams led in reported losses, amounting to $1.9 billion across 53,369 complaints. These schemes often involve fraudsters posing as legitimate entities—such as banks or government agencies—to extract personally identifiable information (PII) from unsuspecting victims. Once obtained, this data is weaponized for identity theft or financial fraud.
Another disturbing trend highlighted in the report is the rise of “grandparent scams,” where scammers impersonate family members, often grandchildren, to solicit urgent financial help. These emergency scams, though fewer in number with 357 complaints, still resulted in $2.7 million in losses [1], [3].
Other emerging frauds include toll scams, which generated 59,271 complaints and $129,624 in losses, often through smishing (SMS phishing) about unpaid road tolls, and gold courier scams, costing victims $219 million across 525 complaints. These diverse methods illustrate how cybercriminals adapt their strategies to exploit trust and urgency, targeting a wide range of demographics with tailored deceptions [1].
Cryptocurrency Fraud: A $9.3 Billion Threat
Cryptocurrency-related scams have become a cornerstone of cybercrime, contributing $9.3 billion in losses across nearly 150,000 complaints—a 66% increase from previous years—with investment scams accounting for $5.8 billion of the damage. Cryptocurrency ATMs and kiosks also played a growing role, with 10,956 complaints and $246.7 million in losses, marking a 99% increase in complaints from 2023. The pseudonymous and irreversible nature of digital assets makes them a preferred tool for fraudsters, enabling cross-border transactions that are hard to trace [4], [3].
Older Americans bore the brunt of these crypto scams, losing over $2.8 billion—a stark reminder of how vulnerable populations are disproportionately targeted. In response, the FBI launched Operation Level Up, identifying over 4,300 victims and preventing nearly $286 million in further losses through early intervention and private sector collaboration. This initiative highlights a shift toward proactive measures to disrupt scam networks before irreparable harm occurs [4].
Ransomware and Critical Infrastructure Under Siege
Ransomware remains the most pervasive threat to U.S. critical infrastructure, with complaints rising by 9% in 2024. Over 4,800 organizations in critical sectors—spanning healthcare, financial services, and energy—reported cyber threats, predominantly ransomware and data breaches. These attacks, which lock systems until a payment is made, target 16 vital sectors whose disruption could cripple public health and security. The top ransomware variants included Akira, LockBit, RansomHub, FOG, and PLAY, with 67 new variants identified, signaling the rapid evolution of these threats [1], [5].
The FBI has countered with significant actions, including a major blow to LockBit, one of the world’s most active ransomware groups. Since 2022, the agency has provided thousands of decryption keys to victims, averting over $800 million in ransom payments. Despite these efforts, the persistent targeting of essential services underscores the urgent need for enhanced cybersecurity across both public and private sectors [5].
Geographic Hotspots for Cybercrime Complaints
Geographically, California, Texas, and Florida emerged as the epicenters of cybercrime in 2024, collectively accounting for 211,163 complaints. California led with 96,265 complaints and $2.54 billion in losses, followed by Texas at $1.3 billion and Florida at $1 billion. These states also saw the highest losses among seniors, with California’s over-60 population losing $832 million, Texas at $489 million, and Florida at $388 million. The concentration of complaints in these populous states reflects their significant exposure to digital crime, driven by large populations and widespread internet usage [3].
Vulnerable Demographics: Seniors Bear the Brunt
The over-60 age group suffered the most severe financial impact from cybercrime, filing 147,127 complaints—a 46% increase from 2023—and reporting losses of nearly $4.9 billion, up 43%. Average losses reached $83,000 per victim, with 7,500 individuals losing over $100,000 each. This demographic’s vulnerability is often linked to lower internet literacy, making them prime targets for scams like tech support fraud, romance schemes, and grandparent scams.
In contrast, younger age groups, such as those under 20, reported far lower losses at $22.5 million, likely due to greater awareness of online threats [3], [1].
Cybercrime Prevention Strategies for 2025
As cyber threats grow more sophisticated, particularly with the integration of artificial intelligence that blurs the line between legitimate and fraudulent communications, individual vigilance is paramount. The FBI recommends several protective measures to safeguard against scams. Avoid clicking on suspicious links, as they often lead to phishing sites designed to steal data. Refrain from sharing personal information over the phone or email, especially since legitimate entities like banks do not request sensitive details in this manner. Strengthen account security with multi-factor authentication to add an extra layer of defense [1].
Additionally, exercise caution on public Wi-Fi networks, avoiding sensitive transactions that could be intercepted. Be skeptical of urgent requests to transfer money, as scammers often create a false sense of emergency. Regularly reviewing IC3 consumer alerts can also keep individuals informed about emerging threats. These proactive steps, combined with broader law enforcement efforts, aim to curb the escalating tide of cybercrime in the coming year.
Frequently Asked Questions on Cybercrime Trends
What were the most costly types of cybercrime in 2024?
Investment fraud topped the list with $6.57 billion in losses, followed by business email compromise (BEC) scams at $2.77 billion and tech support fraud at $1.46 billion. Cryptocurrency-related scams also played a major role, contributing to the $9.3 billion in total losses, largely through investment schemes [3].
Why are seniors more vulnerable to cybercrime?
Individuals over 60 reported the highest losses—nearly $4.9 billion—due to factors like lower internet literacy and susceptibility to scams exploiting trust, such as grandparent or romance frauds. Their lack of familiarity with digital red flags often makes them easier targets for cybercriminals [1].
How can individuals protect themselves from cyber threats?
Protective measures include avoiding suspicious links, securing accounts with multi-factor authentication, and refraining from sharing personal information over unsecured channels. Be cautious on public Wi-Fi, resist urgent money transfer requests, and stay updated via IC3 alerts to recognize and mitigate potential scams [1].