Key takeaways from the FBI’s 2023 Internet Crime Report | Posted by Ervin Zubic | Coins | March 2024

By Crypto Gloom On Mar 8, 2024

Discover the growing cyber threats in 2023 as the FBI reveals record-breaking Internet crime trends, including unprecedented financial losses. Discover critical insights to effectively combat cybercrime.

Digital Frontier. Image created using DALL-E.

This report is published by the Federal Bureau of Investigation (FBI).

March 6, 2024

The report aims to inform and warn the public about evolving threats in the cyber environment. This report highlights the FBI’s ongoing efforts to combat cybercrime through the Internet Crime Complaint Center (IC3) and presents a detailed analysis of cybercrime trends, victim demographics, and financial impacts experienced over the past year.

The target audience is a broad audience, including policymakers, law enforcement officials, cybersecurity experts, and the general public. This insight is particularly relevant to those involved in cyber defense, policymaking, and anyone interested in understanding the scope and scale of Internet crime in the United States.

In 2023, IC3 received 880,418 complaints and losses exceeded $12.5 billion, a 10% increase in complaints and a 22% increase in losses compared to 2022.
Investment fraud was the costliest crime, with losses increasing from $3.31 billion in 2022 to $4.57 billion in 2023.
Business Email Compromise (BEC) and technical support fraud were also significant, with BEC alone resulting in losses of $2.9 billion.
Ransomware incidents increased 18% from 2022, with reported losses increasing 74% to $59.6 million.
The FBI’s Recovery Asset Team (RAT) had a 71% success rate in freezing fraudulent funds, protecting approximately $538.39 million out of $758.05 million.

In 2023, 880,418 civil complaints will be recorded.
Total losses exceeded $12.5 billion.
Investment fraud losses amounted to $4.57 billion.
BEC lost $2.9 billion.
Reported losses due to ransomware increased to $59.6 million.

Figure 1. Bar graph showing increasing trends in Internet crime reports and financial losses from 2019 to 2023. Source: Internet Crime Report 2023, pg. 7.

The rising trend of cybercrime highlights the need for enhanced cybersecurity measures, awareness and cooperation across sectors. Businesses and individuals should prioritize cybersecurity hygiene, including multi-factor authentication and training on common cyber threats. The FBI’s efforts, primarily through IC3 and RAT, play a critical role in mitigating the impact of cybercrime and providing support to victims.

One of the most surprising aspects revealed in the report is the significant effectiveness of the FBI’s Asset Recovery Team (RAT), which had a 71% success rate in freezing funds associated with fraudulent activity. The high success rate of asset recovery highlights the potential of law enforcement technologies to deter cybercrime and mitigate the financial impact on victims.