FBI Reports Global Cybercrime Losses Surpass $16 Billion in 2024

Cybercrime cost victims across the globe more than $16 billion in 2024, according to a recent report by the Federal Bureau of Investigation. The FBI’s Internet Crime Complaint Center (IC3) received nearly 860,000 complaints last year, revealing a sharp rise in fraud incidents. This represents a one-third increase in losses compared to the previous year, largely due to common social engineering tactics rather than sophisticated hacking operations.

Low-tech schemes—such as phishing emails targeting company employees, fraudulent investment opportunities, and fake tech support calls—contributed to the majority of reported losses. Romance scams also played a significant role, with victims losing hundreds of millions of dollars to criminals posing as love interests online.

Despite the staggering figure, the FBI emphasized that its estimates are likely conservative. The bureau noted that losses tied to ransomware, a particularly damaging form of cybercrime where hackers demand payment in exchange for stolen or encrypted data, are severely underreported. This gap suggests the true economic toll could be even higher.

While the IC3 aggregates global reports, the vast majority of cybercrime complaints originated from the United States. For insurers, risk managers, and claims adjusters, the FBI’s findings serve as a clear indicator of the escalating threat posed by digital fraud. These insights underscore the need for robust cyber coverage and increased vigilance in claims investigation processes.