New Record Set as IC3 Reports $16.6B in Cybercrime Losses for 2024

In 2024, the FBI’s Internet Crime Complaint Center (IC3) marked its 25th anniversary with a record-breaking year for cybercrime reporting. According to IC3’s annual report, the agency received 859,532 complaints, resulting in $16.6 billion in reported losses—an increase of 33% in total losses from 2023. While the volume of complaints slightly decreased from the previous year, the financial impact continued to escalate, showing how cybercriminals are achieving more financial success per incident. “These rising losses are even more concerning because last year, the FBI took significant actions to make it harder, and more costly, for malicious actors to succeed,” said Chad Yarbrough, FBI operations director, in the report. The report attributes part of this increase to the growth in digital connectivity and cybercriminal sophistication, with fraud remaining the most prevalent crime type.

Investment fraud emerged as the most financially damaging category, accounting for over $6.5 billion in losses. It was followed by business email compromise ($2.7 billion), tech support scams ($1.46 billion), and personal data breaches ($1.45 billion). Phishing remained the most reported crime with 193,407 complaints, followed by extortion and personal data breaches. Older Americans were particularly vulnerable: individuals aged 60 and older submitted the highest number of complaints—147,127—and reported the largest aggregate losses, totaling $4.8 billion. By contrast, victims under 30 accounted for fewer losses but still submitted over 89,000 complaints collectively, illustrating a broad impact across age demographics.

The IC3 also tracked notable crime trends throughout the year. Among the emerging schemes were call center fraud and “gold courier scams,” the latter resulting in $219 million in losses from just 525 complaints. In total, call center fraud—including tech support and government impersonation scams—caused $1.9 billion in losses. Ransomware remained a major concern for critical infrastructure, with a 9% year-over-year increase in reported incidents. IC3 identified 67 new ransomware variants, including names like FOG, Cicada 3301, and Dragonforce, and continued to share intelligence on these threats with FBI field offices and partners.

Despite the scale of reported crimes, the FBI emphasized positive outcomes through its Recovery Asset Team and global partnerships. In 2024, the IC3 Recovery Asset Team processed over 3,000 complaints involving $848 million in attempted fraud, successfully freezing approximately $561 million across domestic and international accounts—a 66% success rate. One operation alone, Operation Level Up, alerted 4,323 victims of cryptocurrency investment fraud, preventing an estimated $285 million in additional losses. Additionally, a joint crackdown on transnational call centers in India resulted in over 215 arrests and a 700% increase in law enforcement action compared to 2023. As the agency reflects on IC3’s 25-year milestone, its focus remains clear. In the words of Chad Yarbrough: “While the top threats facing our country have certainly shifted over the decades, protecting American citizens—whether that means your safety, your money, or your data—remains a cornerstone of the FBI’s mission.”