The FBI says cybercriminals were responsible for a record $16,600,000,000 in reported losses last year, up 33% from 2023

The FBI’s annual Internet Crime Complaint Center (IC3) report has been published, and it makes for some grim reading. Beyond the staggering statistic that the IC3 has received an average of more than 2,000 complaints a day over the past five years, the Bureau reports that last year’s losses to cybercriminals totalled $16.6 billion, with the bulk of those losses attributed to fraud.

That $16.6 billion figure represents an increase of 33% over the previous year. The report (PDF warning) identifies Americans over the age of 60 as being the most impacted group, with over 147,127 complaints recorded in 2024, amounting to roughly $4.8 billion in losses (via Bleeping Computer). The FBI’s operations director for criminal and cyber, B. Chad Yarbrough, said:

“As nearly all aspects of our lives have become digitally connected, the attack surface for cyber actors has grown exponentially. Scammers are increasingly using the Internet to steal Americans’ hard-earned savings.”

“Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion. Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising nine percent from 2023.”

That total loss figure, however, only tells half the story. As the report identifies, the FBI only publishes figures on crimes discovered by the organisation or reported directly by US residents. Not only that, but it’s reasonable to assume that a substantial amount of ransomware-related losses are left unaccounted for:

“Regarding ransomware adjusted losses, this number does not include estimates of lost business, time, wages, files, or equipment, or any third-party remediation services acquired by an entity”, the report continues.

“In some cases, entities do not report any loss amount to [the] FBI, thereby creating an artificially low overall ransomware loss rate.”

The IC3 was formed in 2000 to receive complaints “crossing the spectrum of cyber matters”, including online fraud, hacking, economic espionage, international money laundering, and more.

The organisation publishes its annual report in order to “promote public awareness” as to the scale and proliferation of online crime, and by the looks of these figures, it appears to be busier than ever these days, processing an astonishing number of claims.

“While the top threats facing our country have certainly shifted over the decades, protecting American citizens—whether that means your safety, your money, or your data—remains a cornerstone of the FBI’s mission”, said Yarborough.

“And in the fight against increasingly savvy criminals, the FBI also relies on you. Without the information you report to us through IC3 or your local FBI Field Office, we simply cannot piece together the puzzle of this ever-shifting threat landscape.

“If ever you suspect you’re a victim of cyber-enabled crime, do not hesitate to let us know.”