The number of related complaints filed with the FBI in 2023 reached 880,000, up 10% from the previous year, according to the report. The age group that filed the most complaints was over 60, showing how vulnerable seniors are to cybercrime.

Both figures show a worrying trend from 2019, when both complaints and losses increased year-on-year. Last year, cybercrime types that increased included tech support scams, while phishing, identity theft, and more decreased slightly.

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The number of complaints and financial losses due to cybercrime has increased steadily over the years. (Photo: FBI)

The IC3 report highlights the four types of cybercrime that cause the most financial damage in the US: Business email compromise (BEC), investment fraud, ransomware, and customer service/technology scams — impersonating the government .

In 2023, there were 21,489 BEC-related complaints with a total loss of more than $2.9 billion. Fraudsters tend to use cryptocurrency platforms to quickly move money. Investment fraud increased by 38%, causing losses of $4.57 billion, mainly due to the increase in cryptocurrency fraud. According to IC3's observations, this is the most costly type of cybercrime.

The FBI recorded 2,825 complaints related to ransomware, affecting critical infrastructure sectors, including healthcare , manufacturing, government, information technology. The total estimated loss exceeded $59.6 million. Finally, customer service/technology scams - impersonating the government caused more than $1.3 billion in losses.

It is important to note that these figures are based on cases reported by victims or discovered by law enforcement, so the actual number of crimes and losses may be higher.

IC3 operates the Asset Recovery Unit (RAT), which connects law enforcement and financial institutions to assist in freezing transaction funds in fraud cases based on forensic and statistical analysis. RAT has successfully traced some stolen funds from reported incidents in 2023.

Since its inception in February 2018, RAT has achieved a success rate of more than 71% of its incidents, freezing $538.4 million in stolen funds.

(According to Bleeping Computer)