Record losses in online crime in the USA: IC3 2023 Report. Frauds, ransomware, and the fight against cybercrime.
Cybercrime in the USA Reaches Record Losses in 2023
According to the latest report published by the Internet Crime Complaint Center (IC3), cybercrime in the United States reached record financial losses in 2023, amounting to $12.5 billion. This marks a 22% increase compared to the previous year, highlighting the growing threat of cybercrime. It is worth noting that the trend of increasing complaints and losses has been observed by IC3 since 2019.
Complaints to the FBI and the Age Group Most Affected by Cybercrime
In 2023, the number of complaints filed with the Federal Bureau of Investigation (FBI) reached 880,000, representing a 10% increase compared to the previous year. Particularly concerning is that the largest age group among the victims were people over 60 years old, indicating a particular vulnerability of older adults to cybercrime.
Types of Cybercrimes Leading to the Highest Losses
The IC3 report from 2023 identifies four main types of cybercrimes that caused the highest financial losses in the USA. These are: business email compromise fraud, investment fraud, ransomware, technical support/customer fraud, and impersonation of government entities.
Nature of Business-Related, Investment, and Ransomware Crimes
Losses from business email compromise fraud exceeded $2.9 billion, while investment fraud increased by 38% to $4.57 billion mainly due to cryptocurrency-related scams. The FBI recorded 2,825 ransomware-related complaints affecting critical infrastructure sectors, with estimated losses exceeding $59.6 million.
Special Teams and Successes in Combating Cybercrime
IC3 operates with the support of the Recovery Asset Team (RAT), which collaborates with law enforcement agencies and financial institutions to freeze funds transferred as a result of cybercrimes. RAT’s actions have led to the recovery of a significant portion of stolen money, including reversing payments totaling $50 million for Business Email Compromise (BEC) fraudsters.
RAT Successes in the Fight Against Cybercrime
Since its inception in February 2018, the RAT team has achieved an impressive success rate of over 71% in the cases considered, freezing up to $538.4 million of stolen funds. This is evidence of the effectiveness of efforts undertaken in the fight against cybercrime and the protection of citizens and companies from online fraud.
