If you were optimistic that last year’s cybercrime losses might be reduced, it’s time to wake up.
The FBI’s latest annual Internet Crime Complaint Center (IC3) report has just been released, and it makes for chilling reading.
The IC3 report shows that online fraud losses hit a record high in 2023, with Americans reporting losses of $12.5 billion, an increase of 22% from the previous year. However, this only counts crimes reported to the FBI. The real number is likely much higher.
So, what are the main takeaways from the report?
ransomware
I’m sure this won’t come as a surprise to regular readers, but the number of reported ransomware intrusions increased by 18% to 2,825 (roughly 8 per day), and claims for damages increased by 74% to $59.6 million.
IC3’s statistics include 1,193 complaints from critical infrastructure organizations, with healthcare and public health being the hardest hit.
According to the IC3 report, the top five ransomware variants in 2023 are LockBit, ALPHV/BlackCat, Akira, Royal, and Black Basta.
Recent law enforcement actions may have disrupted some ransomware groups, but other cybercriminal gangs are likely to take their place.
Tech support scams and government impersonation
Thousands of people have also been scammed, with scammers pretending to work for customer support desks or government agencies, often targeting seniors, and stealing more than $1.3 billion.
IC3 said that 40% of the complaints it received about such scams came from people over the age of 60, causing losses of more than $700 million. Some victims found themselves penniless after losing their life savings.
investment scam
The report shows that investment fraud causes more losses than any other category of cybercrime.
Investment fraud will increase by 38% between 2022 and 2023, from $3.3 billion to $4.57 billion, making it cost more than business email breaches, ransomware, or tech support scams.
Of the $4.57 billion worth of investment fraud, cryptocurrency-related amounts amounted to $3.94 billion (up from $2.57 billion in 2022).
The wave of cryptocurrency scams continues to rise despite a warning from the FBI about techniques used by criminals to trick the unwary into making unwise investments.
As we have previously reported, pig killing is one of the fastest growing types of fraud in the world. Offenders often lure victims into online romance through dating websites or unsolicited messages. They build trust over weeks or months, eventually convincing targets to conduct unsecured cryptocurrency transactions.
Report cybercrime incidents
The FBI asks victims of cybercrime to report incidents to IC3. This helps law enforcement gather intelligence, bring criminals to justice, and help better protect others online.
Editor’s note: The opinions expressed in this guest author article are those of the contributor and do not necessarily reflect the views of Tripwire.
