The FBI’s latest report reveals billions lost to cybercrime, rising scams, and who’s being targeted most

The FBI’s Internet Crime Complaint Center (IC3) just released its 2024 “Internet Crime Report,” and the numbers are unnerving. Cybercrime isn’t just rising; it’s exploding, with record-breaking financial losses, evolving tactics, and vulnerable populations increasingly in attackers’ crosshairs. Here are seven critical insights every business and individual should know.

1. Cybercrime losses hit a record $16.6 billion in 2024

In 2024 alone, IC3 received 859,532 complaints, with reported losses soaring to $16.6 billion—a 33% increase from 2023. The average reported loss per victim? A hefty $19,372.

2. Investment scams lead the pack—costing victims over $6.5 billion

While phishing remains the most reported crime type by volume (193,407 complaints), investment fraud accounted for the largest financial hit, draining $6.57 billion from victims. Tech support scams and business email compromise (BEC) followed, with losses of $1.46 billion and $2.77 billion, respectively.

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READ: What is ID Fraud Insurance—and Do I Really Need It?

3. Cryptocurrency: the preferred tool for fraudsters

Cryptocurrency continues to fuel cybercrime, linked to $9.3 billion in losses across nearly 150,000 complaints. Alarmingly, individuals over 60 were the largest group impacted by crypto-related fraud, losing $2.8 billion.

4. Seniors (60+) suffer the most losses

Older adults remain prime targets. In 2024, Americans aged 60+ filed 147,127 complaints—a 46% increase from the previous year—resulting in $4.88 billion in losses. Over 7,500 seniors lost more than $100,000 each.

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READ: The Growing Threat of Elder Fraud and How to Protect Against It

5. Ransomware remains a critical infrastructure threat

Ransomware attacks rose 9% year-over-year, with critical infrastructure sectors hit hardest. IC3 tracked over 4,800 complaints from these sectors, naming LockBit, Akira, and RansomHub among the top ransomware variants.

6. The FBI’s fightback: $561 million frozen via fraud recovery efforts

Through its Recovery Asset Team and Financial Fraud Kill Chain, the FBI successfully froze $561.6 million in fraudulent transactions (domestic and international), boasting a 66% success rate in intercepting cybercriminal funds.

In 2024, Americans aged 60+ filed 147,127 complaints—a 46% increase from the previous year—resulting in $4.88 billion in losses.

7. Call center scams and ‘pig butchering’ see dangerous growth

Call center fraud, particularly tech support and government impersonation scams, resulted in over $1.9 billion in losses. Meanwhile, cryptocurrency “pig butchering” schemes—where scammers build fake relationships to lure victims into bogus investments—were a focus of FBI’s Operation Level Up, saving victims an estimated $285 million.

The bottom line

Cybercriminals are more sophisticated, better funded, and more relentless than ever. As FBI Operations Director B. Chad Yarbrough emphasized, “The criminals Americans face today may look different than in years past, but they still want the same thing: to harm Americans for their own benefit.”

Keep up on the latest cyber threats in Upfort's monthly Threat Matrix series.

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