March 6, 2024 at 03:55PM
The FBI’s 2023 Internet Crime Complaint Center (IC3) report reveals over $12.5 billion in digital crime losses. With 880,418 complaints, representing a 10 percent increase, the monetary loss rose by 22 percent. Notably, only 15 percent of fraud victims report crimes, and ransomware infections and investment scams were prominent, with BEC complaints totaling over $2.9 billion.
Key takeaways from the meeting notes:
– The FBI’s latest Internet Crime Complaint Center (IC3) annual report for 2023 revealed that digital crimes potentially cost victims over $12.5 billion last year, with a 22 percent increase in potential monetary loss from 2022.
– 880,418 complaints were recorded in 2023, representing almost a 10 percent increase from the previous year, indicating a significant rise in reported crimes.
– Ransomware infections accounted for reported losses exceeding $59.6 million, with both the number of network intrusions and losses growing by 18 percent and 74 percent, respectively, year over year.
– Critical infrastructure sectors, particularly healthcare and public health, critical manufacturing, and government facilities, were hardest hit by ransomware attacks.
– The top five ransomware variants infecting critical organizations, as reported to the IC3, were LockBit, ALPHV/Blackcat, Akira, Royal, and Black Basta.
– Despite international law enforcement operations targeting cybercriminal groups like LockBit and ALPHV/BlackCat, it’s uncertain whether these actions will lead to sustained declines in attacks and revenue.
– The IC3 reported that investment scams accounted for the highest losses in 2023, with criminals pocketing at least $4.57 billion, representing a 38 percent increase from the previous year. Cryptocurrency-related investment fraud also saw a significant 53 percent increase, amounting to $3.94 billion in losses.
– Business email compromise (BEC) continued to be lucrative for cybercriminals, with the IC3 receiving 21,489 BEC complaints and adjusted losses totaling more than $2.9 billion in 2023.
These highlights emphasize the increasing threat and financial impact of digital crimes, particularly ransomware attacks and investment scams, as well as the ongoing challenges in addressing and mitigating such criminal activities.