The 2024 IC3 Report: Unpacking Record Cybercrime Losses

CISO Insights: Voices in Cybersecurity

Join us as we delve into the key findings of the FBI's 2024 Internet Crime Complaint Center (IC3) Annual Report. This year marks the 25th anniversary of IC3, which serves as the primary destination for the public to report cyber-enabled crime and fraud. The report reveals a staggering new record for losses reported to IC3, totaling $16.6 billion in 2024. This represents a 33 percent increase from 2023. We'll explore the most impactful crime types by reported loss, including Investment fraud ($6.57 billion), Business Email Compromise ($2.77 billion), and Tech Support scams ($1.46 billion), which are collectively responsible for the bulk of reported losses. A major factor contributing to these losses is the increasing use of cryptocurrency, which served as a descriptor in 149,686 complaints and was associated with $9.3 billion in losses in 2024, a 66% increase in losses. We'll also examine the significant impact on different age groups, noting that individuals over the age of 60 suffered the most losses ($4.885 billion) and submitted the most complaints (147,127). For this age group, Investment fraud ($1.834 billion) and Tech Support scams ($982 million) resulted in the highest reported losses, and cryptocurrency was referenced in 33,369 complaints with over $2.8 billion in losses. The episode will also touch upon the IC3's core functions including collection, analysis, public awareness, and referrals, its role in partnering with law enforcement and the private sector, and notable efforts like the IC3 Recovery Asset Team which assists in freezing funds for victims of fraudulent transactions, demonstrating a 66% success rate in 2024, and Operation Level Up, which successfully notified victims of cryptocurrency investment fraud, resulting in estimated savings

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