The FBI’s Internet Crime Complaint Center (IC3) recorded a staggering $16.6 billion(₹1.38 lakh crore) in losses due to cybercrime in 2024, a 33% increase over 2023 figures. The IC3’s Internet Crime Report 2024 revealed that cyber-enabled fraud accounted for 83% of all reported financial losses, amounting to $13.7 billion(₹1.14 lakh crore).
This form of fraud includes internet-based scams that steal money, identity, or data and frequently involve counterfeit services. It also made up 38% of total complaints submitted to IC3 last year.
Investment fraud led the financial damage tally for the third consecutive year, costing victims $6.5 billion — a steep rise from $4.5 billion in 2023. Business Email Compromise (BEC) followed with losses of $2.7 billion(₹22,464 crore ), slightly down from $2.9 billion(₹24,128 crore) the previous year. Tech support scams and personal data breaches each accounted for $1.4 billion(₹11,648 crore) in losses.
Ransomware Reports Up, but Financial Damage Drops Sharply
While ransomware remained the most significant threat to critical infrastructure in 2024, the financial impact of these attacks saw a surprising downturn. The FBI logged 3,156 ransomware complaints, up from 2,825 in 2023 — a 9% increase. However, reported losses from ransomware dropped significantly from $59.6 billion(₹4,95,872 crore) to just $12.4 billion(₹1,032.69 crore).
This dramatic decline in financial losses may be attributed to several factors:
Improved Cyber Resilience: Organizations are increasingly refusing to pay ransoms, opting instead for backups and alternative recovery solutions.
Law Enforcement Crackdowns: Major global actions against ransomware groups, including the takedown of LockBit, disrupted coordinated attacks and created fragmentation within the ransomware ecosystem.
Shift in Attacker Strategy: Many cybercriminals are moving away from “big-game hunting” of large enterprises and now targeting smaller, more vulnerable entities.
The FBI also identified 67 new ransomware variants in 2024, with the most notable ones being Fog, Lynx, Cicada 3301, Dragonforce, and Frag.
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Senior Citizens Most Affected; FBI Stresses International Collaboration
The IC3 report noted that elderly individuals were disproportionately affected. Victims aged 60 and above suffered $4.8 billion(₹3993.6 crore) in losses, while victims under the age of 20 lost $22.5 million(₹187.2 crore). The average individual loss across all age groups topped $19,000(₹15.8 lakh).
To combat rising cybercrime, the FBI emphasized the importance of global cooperation. In 2024, the Bureau facilitated 215 arrests through 11 joint operations with Indian law enforcement — a 700% increase from 2023. FBI officers are now stationed in countries like Ghana to target romance scams and digital fraud.
Christopher Delzotto, section chief of the FBI’s financial crimes division, said, “Addressing these threats requires more than just one agency or one country. It takes critical partnerships, shared intelligence, and coordinated enforcement efforts.”
Key Takeaways:
Total Cybercrime Losses (2024): $16.6 billion (₹1.38 lakh crore)(up 33%)
Cyber-Enabled Fraud Losses: $13.7 billion(₹1.14 lakh crore)
Top Scams: Investment fraud ($6.5B), BEC ($2.7B), Tech Support & Data Breach ($1.4B each)
Ransomware Impact: Reports up 9%, losses fell by nearly 80%
Senior Victims: Lost $4.8 billion(₹3993.6 crore)
Global Arrests: 215 via joint operations with India
As cybercriminals adapt and evolve, experts warn that more robust digital defenses, greater user awareness, and stronger international cooperation are critical to curbing future damage.