Cyber scams are draining Americans’ bank accounts at an alarming rate, with criminals stealing a record $16.6 billion in 2024, while targeting our most vulnerable citizens – the elderly.
At a Glance
- Cybercriminals stole a record $16.6 billion in 2024, a 33% increase from 2023
- People aged 60+ were hit hardest, suffering $4.8 billion in losses, with an average loss of $83,000 per victim
- Investment scams topped the list at $6.5 billion in losses, with cryptocurrency scams causing $2.8 billion in damages to seniors
- California residents lost the most at $2.5 billion, followed by Texas
- The FBI received over 850,000 complaints as phishing, spoofing, and ransomware attacks surged
America’s Growing Cyber Threat
Online scammers have reached unprecedented levels of success in separating Americans from their hard-earned money. According to the FBI’s Internet Crime Complaint Center (IC3), criminals stole a staggering $16.6 billion through various cyber schemes in 2024, representing a 33% increase from the previous year.
The federal agency received more than 850,000 complaints from victims across the country, highlighting the expanding scope of this digital crime wave. California suffered the most financial damage at $2.5 billion, with Texas ranking second among the hardest-hit states. These figures likely represent only a fraction of actual losses, as many incidents go unreported.
The alarming increase in cybercrime reflects how criminals have shifted their focus to digital targets as Americans conduct more of their daily activities online. Phishing and spoofing attacks led the way with approximately 193,000 complaints, while ransomware emerged as the largest threat to critical infrastructure, with complaints rising 9% over the previous year. The virtualization of everyday life has created unprecedented opportunities for criminals to exploit vulnerabilities in our increasingly connected world.
Senior Citizens Targeted
Older Americans have become prime targets for cyber criminals, with victims aged 60 and above reporting losses exceeding $4.8 billion – nearly one-third of the total amount stolen nationwide. The average loss for seniors was $83,000 per victim, significantly higher than other age groups. In stark contrast, Americans under 20 reported just $22.5 million in losses, demonstrating how scammers deliberately target less tech-savvy older individuals who often have greater financial resources. These statistics underscore a disturbing trend of predatory behavior against our nation’s seniors.
“Since 2020, the virtualization of everything in our lives has increased the attack surface, and we’ve seen criminals move from the physical to the digital world,” she said.”, said Deputy Assistant Director Cynthia Kaiser.
Cryptocurrency-related scams proved particularly devastating for older Americans, accounting for $2.8 billion in losses. Investment scams, including sophisticated “pig butchering” schemes where criminals build relationships with victims before convincing them to invest in fraudulent opportunities, resulted in $1.8 billion stolen from seniors. Romance scams also took a heavy toll, with lonely older Americans losing more than $672 million to criminals who feigned romantic interest while systematically draining their victims’ accounts.
Most Common Scam Methods
Investment scams topped the list of most costly cyber crimes, causing over $6.5 billion in losses across all age groups. Compromised business emails, where criminals impersonate company executives or vendors to initiate fraudulent transfers, resulted in $2.7 billion stolen. Tech support scams, where criminals pose as technical support representatives to gain access to victims’ devices, accounted for $1.4 billion in losses. Cryptocurrency has become the payment method of choice for scammers, followed by wire transfers and credit/debit cards.
“As nearly all aspects of our lives have become digitally connected, the attack surface for cyber actors has grown exponentially.”, said B. Chad Yarbrough.
Other prevalent scam types included extortion schemes, personal data breaches that exposed sensitive information, and payment/non-delivery scams where buyers never received products they purchased online. A relatively new scheme, fake toll scams, generated 58,271 complaints and $129,624 in reported losses, with some linked to a Chinese-speaking cybercriminal syndicate. Overall, the FBI reported that 83% of all financial losses involved internet or technology use, demonstrating how thoroughly cybercrime has penetrated American society.
Protecting Yourself and Your Family
The FBI has issued guidance to help Americans protect themselves from these increasingly sophisticated scams. The agency advises thoroughly verifying the source of any unsolicited messages before responding or clicking on links, which are often disguised to appear legitimate. Installing and regularly updating anti-virus software provides an additional layer of protection against malware that can compromise your devices. Creating strong, unique passwords for different accounts helps prevent criminals from gaining access to multiple accounts if one is compromised.
Be especially wary of requests for direct money transfers, cryptocurrency payments, or gift cards, as these payment methods offer little to no recourse if you’ve been scammed. Before engaging in transactions with unfamiliar businesses, research their reputation and look for customer reviews. Finally, take time to discuss these threats with elderly family members who may not be aware of the sophisticated tactics used by today’s cyber criminals. Vigilance and education remain our strongest defenses against this growing threat to Americans’ financial security.