Cyber Fraud in the U.S. Reaches Record Levels in 2024

The FBI’s 2024 report reveals a dramatic increase in cyber-enabled fraud in the U.S., with losses at $16.6 billion—up 33% from the previous year. Ransomware attacks are particularly troubling, and the elderly are significantly affected. Cryptocurrency scams dominate the fraud landscape, highlighting the urgent need for stronger cybersecurity measures.

In 2024, cyber-enabled fraud reached unprecedented levels in the United States, with the FBI reporting $16.6 billion in losses. A surge in phishing, ransomware, and cryptocurrency scams targeted Americans, notably the elderly, highlighting a pressing need for enhanced cybersecurity measures. This increase reflects a growing concern about the vulnerability of individuals and institutions to digital threats.

The FBI’s annual Internet Crime Report revealed a staggering 33% rise in financial losses due to cybercrime, amounting to approximately ₹1.38 lakh crore in 2024, up from ₹1.04 lakh crore the previous year. The report identified 859,532 complaints, indicating a significant increase in both the volume and sophistication of cyberattacks, primarily driven by fraud exploiting digital channels. Deputy Assistant Director Cynthia Kaiser suggested this figure could be an undercount, as not all incidents are reported.

American citizens aged 60 and above were disproportionately affected, facing ₹0.40 lakh crore in losses across 147,000 complaints—a 40% increase compared to 2023. Common scam tactics included impersonation, investment fraud, and emotional exploitation, which heavily targeted vulnerable demographics.

Ransomware has emerged as a critical threat to U.S. infrastructure, with attacks increasing by 9% year-over-year. These attacks, which involve encrypting data to demand payment for decryption, particularly targeted essential sectors, such as healthcare, financial services, and government facilities. The FBI noted five main ransomware strains—Akira, LockBit, RansomHub, FOG, and PLAY—and highlighted efforts to disrupt these operations, saving an estimated ₹6,640 crore in potential ransom payments.

In the realm of fraud, cryptocurrency scams prominently featured in cybercrime, resulting in losses of ₹77,190 crore in 2024, a 66% increase from the previous year. Major schemes included investment fraud and romance scams. Additional scam types with significant losses comprised:
– Call Center Scams: ₹15,770 crore (53,369 complaints)
– Gold Courier Fraud: ₹1,817.7 crore (525 complaints)
– Emergency Impersonation Scams: ₹22.41 crore (357 complaints)
– Toll Scams: ₹1.08 crore (59,271 complaints)
Phishing and spoofing were the most commonly reported crimes, followed by extortion and data breaches. The states most affected were California, Texas, and Florida.

The FBI reiterated the importance of reporting suspicious activities, emphasising that these statistics represent real-life struggles with financial ruin and emotional distress. Christopher Delzotto from the FBI’s Financial Crime Section noted that many victims remain unaware of their targeting until it’s too late, necessitating ongoing public awareness and vigilance against evolving fraud trends.