FBI releases 2023 cyber crime report

Complaints about internet crime jumped 10% in 2023, the FBI announced on March 7. There were more than 880,000 complaints filed during the year. Worse yet, monetary losses due to cyber crime jumped 22% and rose to more than $12.5 billion. The FBI released these figures and more in its annual 2023 Internet Crime Report, which includes information from over 880,000 complaints of suspected internet crime.

Cyber crime details

In the report, the FBI details the extent of reported fraud. The FBI emphasizes ‘reported’, as the bureau found out during its infiltration of the JAMES GANG. The bureau estimated that only 20% of scams were reported, and commented that higher figures mean that reporting could be increasing as well as crime. Let’s look into some of the figures:

• Investment fraud hit Americans the hardest. The FBI reports that losses stemming from investment scams totalled $4.57 billion in 2023. This is up $3.31M and 38% up. The FBI notes that investment fraud particularly affected those aged 30-49.
• Business e-mail compromise cyber crime incurred $2.9 billion in reported losses, with the FBI receiving 21,489 complaints.
• Tech support scams ranked third by amount of reported losses. This type of scam particularly affected the elderly.

Ransomware

Ransomware returned in force after a drop in 2022. Complaints connected to ransomware jumped 18% year-on-year. Moreover, the situation with reported losses degraded, with a 74% climb to $59.6 million from #34.3 million.
The FBI notes that cyber criminals involved in ransomware attacks are becoming even more sophisticated, with multiple ransomware viruses being used as well as strong-arm tactics such as data destruction.

Recovery Asset Team (RAT)

The cyber crime report was not all doom and gloom. The FBI also reported on its Recovery Asset Team (RAT) and the high points of its operations in 2023. RAT was successful in recovering or preventing the loss of funds in 71% of the cases it handled in the year. RAT utilizes a process called the Financial Fraud Kill Chain (FFKC) to freeze funds for victims as quickly as possible and connect financial institutions and FBI field offices. In 2023, RAT utilized FFKC in 3,008 incidents. Out of potential losses of $758.05 million, $538.39 million was held with the help of RAT.