Cybercrime Costs Soar: Unmasking the $16 Billion Threat

Global cybercrime inflicted over $16 billion in losses last year, marking a significant increase, says the FBI. The rise includes low-tech scams targeting investors and employees through deceptive emails. Tech support and romance scams contributed significantly. The FBI's Internet Crime Complaint Center compiled nearly 860,000 complaints, providing detailed insight into digital fraud.

The global impact of cybercrime reached a staggering $16 billion in losses last year, according to a report from the Federal Bureau of Investigation. This represents a one-third surge from 2023, primarily fueled by low-tech scams, including online investment swindles and email deception targeting company employees.

Noteworthy contributions to these losses came from tech support and romance scams, which collectively accounted for hundreds of millions of dollars, the report highlighted. This data was aggregated by the FBI's Internet Crime Complaint Center, which serves as a key repository for instances of digital fraud and hacking internationally.

The FBI processed nearly 860,000 complaints globally, with a predominant number originating in the United States. However, the report acknowledged limitations in calculating exact losses, especially concerning ransomware, a severe software threat used by hackers to demand ransom for data retrieval.

(With inputs from agencies.)