FBI: Cybercrime losses hit record $16.6 billion

Cybercrime cost Americans a record-breaking $16.6 billion in 2024, with seniors and critical infrastructure bearing the brunt, according to the FBI’s latest report.

What happened

Cybercrime losses in the U.S. soared to a record $16.6 billion in 2024, marking a 33% increase compared to the previous year, according to the FBI’s latest Internet Crime Complaint Center (IC3) report. The annual report logged 859,532 complaints, with more than 256,000 cases resulting in actual financial loss. The average reported loss per victim was $19,372.

Americans over the age of 60 suffered the most severe impact, filing 147,127 complaints linked to an estimated $4.8 billion in losses.

Going deeper

Fraud accounted for the majority of reported financial damage, while ransomware remained the most common threat to critical infrastructure, with complaints rising 9% year-over-year. FBI Operations Director for Criminal and Cyber, B. Chad Yarbrough, noted that IC3 now receives more than 2,000 cybercrime complaints daily, up dramatically from around 2,000 per month during the center’s early days.

Since 2020 alone, IC3 has processed 4.2 million complaints, with associated losses totaling $50.5 billion. However, the actual scope of cybercrime is likely much higher. The IC3 report cautions that these figures only reflect known cases reported by victims or discovered by law enforcement.

Ransomware losses, in particular, are severely underrepresented. The reported numbers only include ransom payments and exclude indirect losses like business downtime, lost wages, data recovery costs, and third-party remediation fees. Many entities also do not disclose their losses or report them to IC3, skewing official tallies downward.

What was said

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

The FBI also issued a warning about scammers impersonating IC3 employees to defraud previous scam victims, further compounding the damage caused by cybercriminals.

The big picture

Cybercrime isn’t just growing, it’s accelerating faster than our ability to track or contain it. Behind the billions in losses are real people drained of savings, small businesses struggling to recover, and hospitals and infrastructure brought to a halt. What the FBI’s numbers don’t show is just how much goes unreported because victims are ashamed, unaware, or simply too overwhelmed. 

FAQs

What types of fraud are most commonly reported to the FBI’s IC3?

Business email compromise (BEC), investment scams, and tech support fraud consistently rank among the top reported cybercrimes, often resulting in significant financial losses.

Why are older adults more frequently targeted by cybercriminals?

Cybercriminals often view seniors as more trusting, less tech-savvy, and more likely to have savings or retirement funds, making them frequent targets for phishing and impersonation schemes.

How can businesses estimate the full cost of a ransomware attack?

Beyond ransom payments, companies should account for downtime, data loss, operational disruption, legal fees, reputational damage, and third-party remediation services.

Is reporting cybercrime to the IC3 mandatory?

No, reporting is voluntary. However, timely reporting can help federal investigators track trends, link cases, and potentially recover stolen funds.

What steps can individuals take to reduce their cybercrime risk?

Using multi-factor authentication, keeping software updated, avoiding suspicious links, and verifying unfamiliar contacts are simple but effective protective measures.