Cybercrime Losses Surge to $16 Billion in 2024, FBI Report Reveals

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has reported a sharp increase in cybercrime-related financial losses in 2024, reaching over $16.6 billion—a 33% rise from the previous year.

According to the 2024 Internet Crime Report, IC3 received 859,532 complaints of suspected internet crimes last year. Of these, 256,256 complaints resulted in confirmed financial losses, averaging $19,372 per victim.

The most common cybercrimes reported were phishing and spoofing, extortion, and personal data breaches. However, the largest financial losses came from investment fraud, particularly involving cryptocurrency, which cost victims more than $6.5 billion.

Older adults were the most affected, with individuals over the age of 60 suffering nearly $5 billion in losses in 2024 alone.

Three states—California, Texas, and Florida—accounted for the highest number of complaints. Fraud made up the bulk of reported losses, and ransomware remained the most widespread threat to critical infrastructure, with a 9% increase in complaints from 2023.

Since 2020, reported cybercrime losses to the IC3 have quadrupled, climbing from $4 billion to $16.6 billion in just four years. The report highlighted that cyber-enabled fraud—where criminals exploit the internet or technology to steal money, data, or identity—was responsible for nearly 83% of all reported losses in 2024.

The FBI emphasized that these figures likely underestimate the true scale of cybercrime, as many incidents go unreported.

“Reporting is one of the first and most important steps in fighting crime so law enforcement can use this information to combat a variety of frauds and scams,” said FBI Director Kash Patel. “The IC3 is only as successful as the reports it receives.”

The FBI urges anyone who suspects online fraud or cybercrime to report it at www.ic3.gov.