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With the development of generative AI becoming more sophisticated for both positive and malicious intent, it’s no surprise there has been an increased surge of cybercrime happening all around the world.
In 2024 alone, we can see these reflect in the 33% increased losses in the US compared to the previous year 2023. According to the FBI Internet Crime Complaint Center (IC3), losses from cybercrime in 2024 exceeded $16 billion, with the top three causes of financial loss stemming from phishing, extortion, and personal data breaches. Important note: When it comes to data incidents, the difference in context is that data incidents are suspicious activity occurring across accounts. A data breach refers to the confirmation of systems being given unauthorized access with malicious intent with financial loss.
Established in May 2000, the Internet Crime Complaint Center (IC3) is now marking its 25th year of serving the public by compiling annual reports and assisting victims of cybercrime. Over the years, IC3 has collected nearly 9 million complaints, creating a robust database that helps identify patterns and trends in internet-based crime.
Its mission is to provide a platform where anyone, regardless of the size of their financial loss, can report cybercrimes.
These reports are critical not only for investigations but also for raising public awareness and helping others avoid falling victim to such attacks.
IC3’s effectiveness relies heavily on individuals coming forward and sharing detailed, informative reports to support its efforts in combating cyber threats and protecting the public.
Cybercrime Statistics
With the 33% increase between 2023 and 2024, victims saw the most loss in cases of investment fraud involving cryptocurrency, totaling to $6.5 billion. Overall, the total number of complaints made in 2024 reached 859,532, involving suspected cybercrime and significant financial losses. Out of the 859,532 complaints, around 256,000 complaints contained actual loss with an average of $19,372 in financial loss.
According to reports, there appears to be a pattern of who is most vulnerable to cybercrimes within the US. As seen in reports, it is evident that folks between 60+ are most vulnerable. Reporting financial losses of $5 billion of those who reported complaints to the IC3.
An important factor geographically is the high concentration of these events occurring in states such as California, Texas, Florida, and New York. California has reported about 96,000 complaints and 2.5 billion in losses, Texas coming in second place with 62,000 complaints and 1.3 billion in losses, Florida with 52,000 complaints and 1 billion losses and lastly New York with 36,000 complaints and 903 million in financial losses.
You may be thinking, if financial loss happens all over the world, why are those states within the top 4?’ These states are the most targeted due to higher concentrated populations, tech activity and their existing economic grounding. The more people in one area, along with higher internet usage, the more potential victims of malicious cyber criminals. In places like California and Texas, both these states have house name businesses residing within the area; for example, California has businesses like Google, Apple, and Meta to name a few that contain valuable data. Along with large businesses in tech, healthcare and social media, California and Texas have larger diverse communities in which scammers then cater to make culturally specific schemes. Texas is very reliant on technology and communications, while Florida is another hot spot due to its tourism, 60+ retiree communities, and high demanding real estate. At #18 on IC3 reports complaints, Massachusetts reported 14,000 complaints and a loss amount of $338 million, placing it at number 11 on the losses by state statistics. The more attractive the industry such as healthcare, tech, defense and finance, alongside digital activity, the more likely it is to become a prime target for phishing, identity theft and additional cybercrimes.
Source: https://www.bleepingcomputer.com/news/security/fbi-us-lost-record-166-billion-to-cybercrime-in-2024/
Social Isolation - Poorly impacting Mental Health and A Target for Cybercrime
People in their 60s are the highest target for cybercrimes next to Gen X and millennials. Compared to millennials, folks in their 60s are far less savvy with technology, making them highly vulnerable to scams from cybercriminals. On top of being less savvy, cybercriminals also take advantage of their kindness and trust. To protect our loved ones from falling victim to cyber-attacks, the first step is to educate and promote awareness.
The best way to approach this topic is to teach, not be terrified of technology. The way you deliver based on tone defines how they will respond to information. For example, if you provide them with calm, confidence building guidance on navigating their own devices, they are more likely to understand rather than placing fear-based warnings causing irrational decision making and fear, which cybercriminals feed on in their attacks.
On top of providing calm guidance, real life examples will help them quickly identify the signs. Some common scams they should be on the lookout for are fake IRS calls, phishing, grandparent scams, and malicious popups appearing on their desktops from unsolicited links.
On top of calm education, it’s important to recognize another reason why folks in their 60s are more vulnerable than younger folks is also due to social isolation. It’s important to implement regular check-ins with family, friends, loved ones, and support groups to help with decision making and encourages ask before acting.
How Your Local MSP and Ally in Protecting Your Community from Cybercriminals Can Help
A local MSP, such as our team here at Ekaru, can help your loved ones and the businesses that serve them stay protected from cyber threats. By offering proactive cybersecurity measures like device monitoring, antivirus protection, secure network setup, and regular software updates. Our team at Ekaru takes the technical burden off seniors, loved ones, and their caregivers. Outside of tech support, the Ekaru team provides accessible cybersecurity awareness training, monthly webinars with other cybersecurity figures, and friendly guidance in helping them navigate the digital world safely, securing shared systems and protecting sensitive data. The Ekaru team will help implement stronger digital defenses while also building the confidence to stay connected and independent online.
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