Colin Mc Hugo

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Colin Mc Hugo
Security Engineer Manager & CEO at Quantum Infinite Solutions Group Ltd.
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Cyber Security Incident Response
Management & Architecture of Cyber Security Teams
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  • Cyber Security Incident Response
  • Management & Architecture of Cyber Security Teams
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FBI: Cybercrime losses topped US$4.2 billion in 2020

March 19, 2021

The Bureau obtained over 28,000 studies of COVID-19-themed scams final yr

The US’ Federal Bureau of Investigation (FBI) obtained a record-breaking 791,790 cybercrime complaints in 2020 that have been chargeable for over US$4.2 billion in losses, in line with the Bureau’s 2020 Internet Crime Report (ICR). Compared to 2019, the variety of complaints made by victims of assorted flavors of cybercrime rose by a whopping 69%.

As might be anticipated, final yr noticed a surge in scams exploiting the assorted points of the COVID-19 pandemic, with the FBI’s Web Crime Grievance Heart (IC3) receiving over 28,500 complaints. The vast majority of instances revolved round help and pandemic aid packages and stimulus funds, with many victims reporting that they didn’t discover out that scammers had submitted on-line unemployment insurance coverage claims with their stolen identities till they submitted their very own paperwork.

As soon as governments began rolling out COVID-19 vaccination packages, many cybercriminals switched gears and began circulating varied vaccine scams, together with fraudulent adverts providing an opportunity to purchase the vaccines.

Business Email Compromise (BEC) as soon as once more stays the most expensive kind of fraud on the FBI’s listing; nevertheless, the variety of victims truly decreased from nearly 24,000 in 2019 to some 19,000 final yr. Over time, fraud ways have developed as properly. Cybercriminals use varied scams equivalent to extortion, tech help, or romance scams to trick victims into parting with their IDs. These have been then used to open financial institution accounts and obtain stolen funds that have been swapped for cryptocurrency.

Tech support fraud is more and more changing into a bigger drawback, with losses from scams surpassing US$146 million which is a 171% year-on-year enhance. Con artists normally attempt to defraud their victims by providing to resolve non-existent technical points, equivalent to a software program license expiring, or warning them that their e mail or financial institution accounts have been “compromised”.

Lately, scammers have additionally taken to impersonating buyer help personnel for monetary establishments, utility firms, and even digital foreign money exchanges. The elderly are disproportionally affected by tech help fraud, with victims aged over 60 accounting for at the very least 66% of all victims and experiencing over 80% of the losses.

In the meantime, losses emanating from ransomware greater than tripled in comparison with 2019, reaching US$29.1 million. It is a worrying development if we take into account that the losses of US$9 million in 2019 represented a triple of these incurred in 2018. And whereas the variety of victims reporting ransomware incidents elevated as properly, the expansion appears to be way more linear with IC3 registering solely 427 extra complaints than the earlier yr.

Phishing, non-payment/non-delivery scams, and extortion stay the highest three most reported crimes by victims for the second yr working. Nevertheless, it bears mentioning that the variety of studies for every crime has nearly doubled in comparison with 2019.

To finish on a extra constructive observe, the FBI’s Restoration Asset Crew (RAT) was in a position to retrieve over US$380 million misplaced in varied fraud schemes. The RAT handled 1,303 incidents that brought on losses in extra of US$462 million. giving it a hit charge of 82% .

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