The FBI has unveiled a startling revelation regarding cybercrime, reporting that scammers stole a staggering $16.6 billion in 2024. This marks a dramatic increase of 33% compared to the previous year, as detailed in the FBI's Internet Crime Complaint Center's (IC3) annual report released on Wednesday.

In total, there were more than a quarter of a million complaints filed, with victims averaging losses exceeding $19,000 each. The report highlights a concerning trend, indicating that as more aspects of our daily lives become intertwined with digital technology, the vulnerabilities for cybercriminals have expanded significantly. B. Chad Yarbrough, the FBI's Operations Director for Criminal and Cyber, noted, 'As nearly all aspects of our lives have become digitally connected, the attack surface for cyber actors has grown exponentially.'

While the report indicates that fraud was the predominant cause of losses, ransomware has emerged as the most pressing threat to critical infrastructures in 2024, with complaints regarding ransomware incidents rising by 9%. Experts emphasize that the reported figures likely underrepresent the true extent of financial losses, as many victims do not report incidents to law enforcement or the FBI.

Rich Brune, a Vietnam War veteran, recounted his harrowing experience when he was scammed out of $1.7 million over a three-month period. Brune described how a message appeared on his computer, falsely claiming that his information had been compromised and that he was under investigation for 'unlawful computer uploads.' The message urged him to contact a certain number and advised him to lock his computer without shutting it off. Following this deceptive guidance, Brune unwittingly wired money and granted the scammers access to his bank account, ultimately resulting in a loss from which he has yet to recover a single penny.

Examining the statistics for 2024 reveals some alarming trends: while the report does not encompass all complaints with age specifications, it highlights that individuals aged 60 and older filed the highest number of complaints, exceeding 147,000. Alarmingly, this age group reported total losses amounting to $4.8 billion, which represents more than a quarter of the overall losses for the year and a 43% increase from 2023. The average loss for seniors stood at around $83,000, more than four times the overall average loss reported in 2024.

Conversely, individuals under the age of 20 were the least likely to fall victim to scams, with reported losses totaling approximately $22.5 million across around 18,000 complaints. Notably, 83% of the reported losses involved the use of internet or technology, underscoring the digital nature of these crimes.

Investment scams emerged as the leading source of financial loss, yielding over $6.5 billion. Other significant contributors to financial harm included compromised business emails, which accounted for approximately $2.7 billion in losses, while tech support scams led to over $1.4 billion in losses. Personal data breaches were also a considerable factor, with victims losing more than $1.4 billion. Romance scams, which have become increasingly common, ranked sixth among the schemes, with victims reporting losses exceeding $672 million.

Geographically, California residents experienced the highest financial losses, whereas Vermont reported the fewest losses among the U.S. states. In a notable distinction, the Northern Mariana Islands, a U.S. territory, also reported the least financial losses for the year.

The FBI noted that a significant portion of the funds lost stemmed from transactions involving cryptocurrency, followed closely by wire transfers and credit or debit card transactions. Yarbrough commented on the rise of cryptocurrency as a tool for scammers, stating, 'Cryptocurrency has become an enticing means to cheat investors, launder proceeds, and engage in other illicit schemes.'