Adam Kangiser, Iviry’s Compliance Analyst
The FBI’s Internet Crime Complaint Center (IC3) recently released its 2024 Annual Report, and the findings are striking. Cybercrime reached unprecedented levels in 2024, highlighting the urgent need for stronger defenses across businesses and individuals alike.
Cybercrime by the Numbers
- 859,532 complaintswere filed with IC3 in 2024.
- Reported losses hit $16.6 billion, a 33% increasefrom 2023.
- The average loss per victimrose to $19,372, reflecting the growing sophistication of online fraud.
Top Crimes by Cost
While phishing led in complaint volume, the highest-dollar losses came from fraud schemes that preyed on trust and urgency:
- Investment Fraud:$6.57 billion in reported losses.
- Business Email Compromise (BEC):$2.77 billion lost.
- Tech Support Scams:$1.46 billion in losses, many targeting older adults.
- Personal Data Breaches:$1.45 billion in reported losses.
Who Is Most Affected?
Older adults remain disproportionately impacted. In 2024:
- 147,127 victims age 60+reported scams.
- Their reported losses totaled $4.8 billion, a 43% increase from 2023.
Emerging Trends
- Cryptocurrency scamsaccounted for over $9.3 billion in losses, making them the most costly attack vector.
- AI-enabled fraud—including deepfake audio and video—emerged as a growing tool for criminals.
- Extortion casesnearly doubled year-over-year, underscoring evolving tactics to pressure victims.
What This Means for Businesses and Individuals
The IC3’s findings paint a clear picture: cybercriminals are innovating quickly, targeting financial trust, and exploiting human vulnerabilities. Organizations must:
- Prioritize multi-factor authentication(MFA).
- Conduct regular phishing simulations and employee training.
- Maintain offline backupsand tested disaster recovery plans.
- Stay vigilant against social engineering tacticsthat often serve as gateways to larger breaches.
Final Thoughts
Cybercrime in 2024 shattered records, and 2025 is already shaping up to be even more challenging. Awareness and proactive measures are critical. Whether you’re a business leader or an individual user, now is the time to strengthen your defenses.
