Cybercrime Hits Record High as FBI Reports $16.6 Billion in Losses

Cybercrime cost Americans a record $16.6 billion in 2024, the FBI revealed this week—a 33% jump in complaints and the highest annual loss since tracking began.

According to the FBI’s Internet Crime Complaint Center (IC3), nearly 860,000 incidents were reported last year. Fraud led the charge, while ransomware remained the top threat to critical infrastructure, making up nearly half of the 3,165 incidents in that category.

Despite aggressive FBI action—such as disrupting the LockBit ransomware group and issuing thousands of decryption keys—losses continue to climb.

“This figure is almost certainly underreported,” said Cynthia Kaiser, Deputy Assistant Director of the FBI’s Cyber Division. “We’re seeing more attacks and more people coming forward.”

Cryptocurrency scams surged, totalling $2.8 billion in losses, while phishing, extortion, and investment fraud remained common.

With cyber-enabled scams now flagged as a national threat, the FBI says it’s pouring more resources into tackling fraud, especially schemes operating out of call centres in Ghana and India.

The agency urges continued public reporting to help identify patterns and catch perpetrators.