March 19, 2024 at 04:05PM
The FBI reported that investment fraud, particularly involving cryptocurrency, led to a $4.57 billion loss in 2023, surpassing losses from ransomware. Scams preyed on victims’ desire for quick profits and even targeted those seeking recovery from previous scams. Older individuals were especially vulnerable, accounting for substantial losses and an increase in reported cybercrime incidents.
The meeting notes highlight several key points related to cybercrime, investment fraud, ransomware, and other scams that have had a significant impact on Americans. The Federal Bureau of Investigation (FBI) reported that investment fraud, particularly in the form of cryptocurrency scams, led to a staggering $4.57 billion in losses for Americans in 2023, marking a 38% increase from the previous year. The report also emphasizes the prevalence of scams targeting vulnerable individuals, especially the elderly, with losses exceeding $1.3 billion.
Furthermore, the notes shed light on the relatively low financial impact of ransomware compared to investment fraud and other scams, despite the average ransom demand in the US being around $1.5 million. Additionally, the FBI encourages victims not to pay ransoms and to report ransomware incidents to the Internet Crime Complaint Center (IC3) for investigation and potential recovery of stolen data.
The meeting notes also indicate a significant rise in cybercrime, with a total cost of $12.5 billion incurred by US citizens in 2023. Notably, losses due to cybercrime steadily increased with the age of the victims, with the 60 and over age group experiencing the highest reported losses of $3.4 billion, suggesting an alarming increase in successful scams targeting the elderly.
Finally, the notes mention the emergence of content creators on YouTube who engage in vigilante justice by hacking scammers at call centers, potentially serving as a form of recourse for those impacted by cybercrime.
Overall, the meeting notes emphasize the pervasive and damaging impact of cybercrime, particularly on vulnerable individuals, and the need for increased awareness, vigilance, and potentially proactive measures to combat these scams.