2024 sets a record for cybercrime losses and at $16.6 billion it's a lot higher than I predicted

This chart of losses due to Internet crime per year from 2014 to 2024,
as reported to IC3/FBI, shows they have now reached $16.6 billion

The IC3 Annual Report 2024, an analysis of losses from Internet crimes reported to the FBI's Internet Crime and Complaint Center (IC3) during the past year, has just been published. And it's a shocker as the tabloids like to say. 

But seriously, the total loss figure of $16.6 billion is a huge increase over 2023, a troubling jump of 33 percent in one year.

The 2024 total is $2 billion above my prediction last month of $14.5 billion (see Internet crime losses are on the rise). Follow this link to get the 2024 IC3 Annual Report, and all previous editions.

While there are some issues with using the IC3 numbers as crime metrics—they were not originally collected as an exercise in crime metrics—I am satisfied that over the years the IC3 reports have reflected real world trends in cybercrime's impact on victims, as measured by direct monetary loss (for more details, see this article: Advancing Accurate and Objective Cybercrime Metrics in the Journal of National Security Law & Policy).

In a future post, I will have more to say about this report and the other 2024 updates that have issued. In the meantime, if you need a professional, vendor-neutral opinion on what this report means for cybercrime and society in 2025 and beyond, feel free to DM @scobb.net on Bluesky or message me on LinkedIn. 

More Internet crime stats from the IC3 Annual Report 2024

If you are looking to get some perspective on who makes Internet crime complaints made to IC3 there are several helpful breakdowns in the IC3 Annual Report 2024. Below you can see the top end of complaints by age group. Both the number of complaints and the amount lost are much higher for the 60+ demographic.

I think this reflects three things: a higher level of vulnerability among older folks; a concentration of wealth among the elderly; and the criminal logic of intentionally targeting of the wealthier and more vulnerable.

Another interesrting breakdown is the type of crime about which people file complaints, broken down by number of complaints and amount lost.

As always, a big shout out to the folks at IC3/FBI who work so diligently to put these reports together each year, not to mention responding to citizen complaints all year long. A fine example of how much valuable information and service the public and companies receive as a result of federal spending.